Delphi receives extension to file term sheet, amends financing agreement
By APThursday, April 23, 2009
Delphi gets more time to submit plan
NEW YORK — Delphi now has more time to come up with a plan to restructure itself without its lenders taking actions that could force the struggling auto supplier into liquidation.
U.S. Bankruptcy Judge Robert Drain on Thursday approved a motion extending the deadline for Troy, Mich.-based Delphi Corp. to submit its plan to its lenders until May 4. The lenders will then have until May 8 to approve it.
A court hearing also will be held on May 7.
Delphi Attorney Jack Butler says that talks continue between Delphi, its former parent General Motors Corp. and the federal auto task force. But while progress has been made, the sides need more time to hammer out a deal, he said.
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