From Detroit Free Press

TROY, MI -- Delphi Corp. has asked a bankruptcy judge to postpone a hearing this week on the company's reorganization plan while it works to resolve objections from shareholders, unsecured creditors and others about changes the company wants to make to the plan.

The hearing is slated for Thursday in U.S. Bankruptcy Court in New York. Delphi's request for a delay comes after shareholders said they need more time, at least 25 days, to evaluate changes to the plan, which no longer gives them a stake in the new company.

The request also comes after a committee representing unsecured creditors said Delphi didn't include changes the two sides had negotiated.

Delphi proposed changes to the plan, which was first submitted in early September, to reduce the size of the loan the company needs to leave bankruptcy.

The Troy, MI-based auto supplier has had trouble securing an exit loan, as investment banks have become more conservative after losing billions in the sub-prime mortgage market.

A new hearing date has not been set. Delphi's plan needs to win a judge's blessing before it can go to creditors for a vote.

Delphi filed for Chapter 11 bankruptcy reorganization in October 2005. The company said it expects to leave bankruptcy during the first three months of 2008.

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