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Credit Crunch Prompts Delphi To Ask For Extension

Law360 (February 29, 2008, 12:00 AM EST) -- Bankrupt Delphi Corp. has requested a two-month extension to file its reorganization plan after running into problems in securing billions of dollars in loans in a tight credit market.

The auto parts supplier, which needs $6.1 billion in loans, asked the U.S. Bankruptcy Court for the Southern District of New York on Thursday to extend its exclusive period until the end of May in order to finalize its exit plan.

Despite its sixth extension bid, Delphi said it expects to have the plan become effective “as...
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