DETROIT (AFX) - Auto parts supplier Delphi Corp. is at least $1.25 billion behind in required pension funding payments since it filed for bankruptcy, federal pension regulators estimate.
The federal Pension Benefit Guaranty Corp., which insures private pension plans for millions of Americans, said Friday that Delphi's pension fund, covering about 75,000 people, may be underfunded by as much as $10.6 billion, The Detroit News reported.
Troy-based Delphi, the nation's largest auto parts supplier, filed for bankruptcy protection in October 2005. Since then, it has paid $234 million into its pension plan, the newspaper said.
A Delphi representative did not immediately respond to a call seeking comment Saturday.
Former parent General Motors Corp. has been trying to reach an agreement with Delphi and the supplier's creditors over the size of the automaker's obligation to its former parts unit and its workers.
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