Delphi Corp. wants loan extension

Delphi will present investors with revised financial projections that estimate a 10 percent drop in global vehicle production, said the filing. As a result, Delphi cut its first-half forecast for earnings before interest, taxes, depreciation, amortization and restructuring costs to $699 million from $904 million. Company spokesman Lindsey Williams didn't immediately return a phone call seeking comment. Delphi separately is trying to line up about $3.75 billion in loans to finance its emergence from a three-year-old Chapter 11 case. A hearing is scheduled for Nov. 5 in U.S. Bankruptcy Court in New York on Delphi's proposal to change its reorganization plan to cut payouts to creditors. U.S. Bankruptcy Judge Robert Drain in New York in January confirmed a plan that would have paid unsecured creditors in full. The plan faltered when investors led by Appaloosa Management LP backed out of a pact to buy as much as $2.55 billion in Delphi securities on April 4, the day the firm planned to exit bankruptcy. Delphi won approval of a prior extension to its bankruptcy loan in April.