The Troy, Mich.-based company, which is still struggling with credit market fallout, said it wants to push back its Nov. 8 hearing to later this month. Delphi said it needs to talk with its committees and consider amendments to its investment agreement, which is key to helping the company exit bankruptcy.

Delphi has asked the U.S. Bankruptcy Court in Manhattan to delay the hearing. The court will consider the request on Thursday.

The company has been trying to re-solidify its financing since trouble among sub-prime housing lenders sparked tightening in the credit markets. Delphi said Monday it still plans to exit bankruptcy in the first quarter, despite the hearing delay.

Delphi didn't provide specifics about the objections. However, Wilmington Trust Co., one of Delphi's creditors, recently said in a court filing that the new plan "lacks adequate information regarding a number a number of issues that are critical to make intelligent and informed decisions." Wilmington said the new plan doesn't tell senior debt holders how much they will recover.

Delphi has said that unsecured creditors, who were slated to be repaid 80 percent on their claims with Delphi's new common stock and 20 percent in cash, will instead get a higher percentage of stock and the option to buy additional shares at the discounted price of $34.98.

Current shareholders will no longer be able to buy shares in the reorganized company at a discount, but they will still have the option of purchasing as many as 12.7 million shares of Delphi's new common stock at face value of $41.58 a share.

General Motors Corp., Delphi's former parent and biggest customer, will also receive less cash. The auto maker will now receive a $750 million second-lien note and $1.2 billion in junior convertible preferred stock instead of $2.7 billion.