TROY, Mich. -- The deadline for qualified bidders to submit alternative proposals to acquire Delphi Corp. has passed with no additional bids.

While no alternative transactions were submitted to Delphi, the company has received a notice from JPMorgan Chase Bank, N.A., in its capacity as administrative agent, that it may submit a credit bid in accordance with the Modification Procedures Order and Supplemental Modification Procedures Order previously entered by the Bankruptcy Court. In the event that the Administrative Agent subsequently delivers a pure credit bid support letter to the company as required by the Procedures Orders, Delphi will conduct an auction on July 17, between the parties to the Master Disposition Agreement and the Administrative Agent and comply with post-auction procedures all as provided for in the Procedures Orders. In such circumstances, the company would expect to make a further public announcement on or about July 20, regarding the outcome of the auction process.

Delphi said it remains committed to achieving a consensual resolution of its Chapter 11 cases for the benefit of all its stakeholders.

On June 1, Delphi announced its plan to emerge from Chapter 11 reorganization through either a modified reorganization plan or sale under Section 363 of the Bankruptcy Code through which Parnassus Holdings II LLC, an affiliate of Platinum Equity would operate Delphi's U.S. and non-U.S. businesses with emergence capital and capital commitments of approximately $3.6 billion. The deal would also take effect without the legacy costs associated with the North American sites that are being acquired by GM Components together with Delphi's global Steering business. Certain other residual non-core and non-strategic assets and liabilities are expected to be divested over time. The final approval hearing on the emergence transactions has been scheduled by the Bankruptcy Court for July 23.

Delphi initially filed for Chapter 11 on Oct. 8, 2005.