A New York bankruptcy court judge on Thursday gave Delphi management six more months to exclusively develop a reorganisation plan.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
An Associated Press report said the components supplier now has until 5 August to file a plan to emerge from US ‘Chapter 11’ bankruptcy. The exclusivity period was set to expire in February and a vote by all creditors to approve this plan also has been pushed back to 4 October.
Delphi, which likely will seek a further extension of the period when it alone can propose a plan, expects to emerge from bankruptcy by 2007, AP noted.
The report added that the Troy, Michigan-based company filed for Chapter 11 bankruptcy protection on 8 October after failing to reach a restructuring agreement with the United Auto Workers and General Motors, its former parent [and largest customer].
Delphi was incorporated in 1998 as a subsidiary of General Motors and began operating as a separate entity in 1999, The Associated Press added.
