Delphi Corp., Troy, Mich., contributed $50 million to its U.S. pension plans on Jan. 11, according to a Jan. 12 SEC filing. According to the filing, Delphi's minimum funding requirement under ERISA and U.S. Internal Revenue Code was $395 million to be paid by Jan. 12, but "as permitted under Chapter 11, however, Delphi contributed only the portion of the contribution attributable to post-bankruptcy-petition service." Delphi filed for Chapter 11 bankruptcy protection in October 2005 and froze its pension plans in April 2006.
In the filing, Delphi noted that the unpaid $345 million of the required contribution remains a claim against the company that will be resolved in Delphi's as-yet unfiled reorganization plan. In a Dec. 18 SEC filing, Delphi said it had agreed to a deal with five buyout firms that would allow Delphi to act toward funding its pension plans to the extent required by ERISA.
Delphi's U.S. pension plan assets totaled $10.5 billion as of Sept. 30, according to a Pensions & Investments estimate.
