Delphi Proposes Amendment

Delphi Corp. proposed another amendment to its bankruptcy-reorganization plan, after reaching an agreement with General Motors Corp. and investors.

The proposed amendment, expected to be filed today by Troy, Mich.-based Delphi with the U.S. Bankruptcy Court for the Southern District of New York, lists net funded debt at $5.2 billion, a reduction from the $7.1 billion cited in the original plan, dated Sept. 6.

"We have agreed to very focused potential amendments to our reorganization plan which continues to provide for full recoveries for unsecured creditors at plan value as well as fair consideration for Delphi's equity holders," Chief Restructuring Officer John Sheehan said.

Read Full Article from Wall Street Journal

- Posted: 2007-11-15 09:57:19

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