Delphi to Keep Control of Chapter 11 Case
Bankruptcy Judge Robert Drain yesterday granted Delphi Corp. a three-month extension of its right to control its bankruptcy case, giving the auto-parts supplier more time to complete its reorganization plan, the Associated Press reported yesterday. Judge Drain extended Delphi’s deadline to win approval of its chapter 11 plan to March 31 and also gave the company until May 31 to win creditor support for its plan. Delphi faced a Dec. 31 deadline to complete its plan and a Feb. 29 deadline to solicit creditor support. The company has already proposed a reorganization plan and won approval from the court to send the plan to creditors for a vote.

