Delphi Corporation, which filed for Chapter 11 bankruptcy protection in May 2005, plans to extend until 30 June, 2009 its existing debtor-in-possession credit facility of about $4.35bn, it said in an SEC filing.
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The supplier also reduced its forecast 2008 revenue from US$22.203bn to $21.642bn due mainly to projected volume declines. It also said first half 2009 revenue would increase from $9.625bn to $9.789bn due mainly to the retiming of divestitures offset by projected volume reductions.
It said it would submit revised figures due to “a more conservative” volume assumption of a 10% reduction in projected global vehicle production volumes, revised raw material prices, a retiming of capital expenditures resulting in projected expenditures of $329m in the second half of 2008 and $338m in the first half of 2009 and changes in agreements with General Motors.
Consequently, first half 2009 projected EBITDAR has fallen from $904m to $699m, primarily due to volume reductions.
