A New York bankruptcy court judge on Thursday gave Delphi management six more months to exclusively develop a reorganisation plan.
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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.
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