TROY, Mich. — Delphi Corp. announced today that the Honorable Judge Robert Drain of the United States Bankruptcy Court for the Southern District of New York entered an order confirming the company’s modified plan of reorganization. The court ruled that Delphi had met all of the statutory requirements to confirm its plan, as modified. 
"We deeply appreciate the support of Delphi by all of our customers, employees, suppliers and other stakeholders during one of the most challenging periods in automotive history," said Rodney O’Neal, Delphi’s CEO and president. "Delphi has executed a dramatic transformation of our business during the restructuring process and will emerge as a strong and resilient company. The process has not been without great sacrifice on the part of several stakeholders, however, we have taken the necessary actions to position Delphi as a competitive enterprise with a pipeline full of outstanding technologies that help our customers meet the demands of their consumers. We look forward to the future with our new ownership."
Delphi said it plans to emerge this quarter following the syndication and closing of its exit financing facilities and satisfaction of other conditions to the effective date of the plan, including closing on transactions contemplated under the provisions of the master disposition agreement.
The plan has the support of certain DIP Lenders and the administrative agent, the Creditors’ Committee, Wilmington Trust Co. as indentured trustee, the Pension Benefit Guaranty Corp., certain state and federal agencies and various other parties.
To see full details on Delphi’s plan of reorganization, click here.
