Delphi Asks Court for Extension on Reorganization Plan
(Akron/Tire Review) Delphi Corp., currently restructuring under Chapter 11, has asked a U.S. Bankruptcy court for an extra five months to file its reorganization plan. According to a report from the Detroit Free Press, court papers filed on Friday stated that Delphi needs the additional time to continue negotiations with hedge fund groups, its former owner General Motors Corp. and its labour unions. The company said it still expects to exit bankruptcy proceedings by the end of the year. Currently the deadline for Delphi to file its reorganization plan is July 31. If the company’s request for extra time is approved, the company will have until Dec. 31 to file.