NEW YORK (Reuters) - The head of auto parts supplier Delphi Corp. (DPH.N) said he would rather fix the company out of court rather than file for bankruptcy protection, the Wall Street Journal reported on Wednesday.þþ``Not going into Chapter 11 is much to be preferred,'' Chairman and Chief Executive Robert ``Steve'' Miller told the newspaper as the company's stock fell to an all-time low on Tuesday.þþMiller has previously said Delphi needs to negotiate concessions from its union workers and financial assistance from General Motors Corp. (GM.N), its former parent, or it would consider filing for bankruptcy protection by October 17.þþ``I have been through financial stress situations where we succeeded in keeping the company out of bankruptcy,'' Miller was quoted by the Journal as saying.þþ``I have been through financial stress situations where we use Chapter 11 as a process to deal with it,'' he said. ``It is simpler, cheaper, quicker to avoid it, whereas the Chapter 11 process takes longer, costs more and has a lot of aggravation that goes with it.''þþOn the New York Stock Exchange on Tuesday, Delphi shares closed down 10 percent at $3.02 after a report on the news service Debtwire said the company had been canvassing participants for debtor-in-possession financing. Delphi shares had been above $6 recently.þþMiller declined to say whether Delphi had asked lenders to line up post-bankruptcy funding, the Journal said.þþ``I won't discuss our financing activities,'' he said. ``But I have been pretty blunt in saying, however, that if we choose the Chapter 11 process we would be very well organized, very well financed and to that end we are doing all necessary contingency planning.þþ``But we are also spending enormous time trying to find an out-of-court solution with GM and the unions,'' he was quoted as saying.þþ
Source: NY Times
