CORRECTED: Delphi says makes some progress on exit financing

Corrects timing of emergence in second paragraph to soon as practicable, not early April, and clarifies the progress made

DETROIT (Reuters) - Delphi Corp (DPHIQ.PK: Quote, Profile, Research) has made progress in terms of obtaining financial commitments to the financing needed for the U.S. auto parts maker to exit bankruptcy, a spokesman said on Wednesday.

But spokesman Lindsey Williams declined to specify what type of progress had been made in seeking the $6.1 billion exit financing, but said Delphi remained committed to emerging from protection as soon as practicable.

Delphi, which filed for bankruptcy in October 2005, has had its reorganization plan confirmed by the U.S. Bankruptcy Court in New York, but turmoil in the U.S. credit markets has made it difficult to complete its exit financing.

The company has modified details of the exit financing and given an expanded role to former parent General Motors Corp (GM.N: Quote, Profile, Research), raising objections from a group led by Appaloosa Management LP that has backed a $2.55 billion equity financing plan to support the reorganization.

The Appaloosa-led group has said GM's larger role, including providing up to $2.825 billion of loans, could give the automaker too much influence over Delphi, which has been seeking to reduce its reliance on GM, its biggest customer.

Delphi has been granted a two-month extension on its right to retain control over the reorganization plan through May.

Also on Wednesday, the U.S. Bankruptcy Court approved performance bonuses totaling from $21.2 million to up to $39.1 million to be split among more than 400 of Delphi's top executives for the first half of 2008.

The court has approved similar targeted compensation for the executives since the start of the bankruptcy.