Delphi can pursue bankruptcy plan vote -- US court
NEW YORK, Dec 11 (Reuters) - A U.S. bankruptcy judge gave auto parts maker Delphi Corp DPHIQ.PK permission to pursue votes on its plan to emerge from bankruptcy protection and has set a Jan. 17 confirmation hearing for the plan, court documents show.
Judge Robert Drain of the U.S. Bankruptcy Court for the Southern District of New York also approved amendments to Delphi's agreement with hedge fund Appaloosa Management LP, which calls for a $2.55 billion equity investment in the company.
Delphi's disclosure statement filed with the court estimates Delphi's total enterprise value at $13.3 billion and a reorganized equity value of $7.8 billion.
Creditors' votes on the plan are due by Jan. 11.
Delphi plans to emerge from Chapter 11 protection in the first quarter of 2008.
Its plan calls for slashing jobs, closing or selling manufacturing facilities and cutting the wages of new union workers. The company last week said it reached agreements with committees representing unsecured creditors and stakeholders on amendments to the plan.
Delphi, formerly a unit of General Motors Corp GM.N filed for bankruptcy in October 2005. (Reporting by Nick Zieminski; Editing by Andre Grenon)
