UPDATE 2-Highland offers rival $4.7 bln Delphi deal


(Adds background, analyst comment, byline; changes dateline from previous NEW YORK) By Kevin Krolicki DETROIT, Dec 21 (Reuters) - Highland Capital Management L.P. on Thursday proposed a $4.7-billion reorganization plan for Delphi Corp. , setting the stage for a fight for control of the auto parts supplier between its two largest investors as Delphi emerges from bankruptcy. The rival recapitalization plan from Dallas-based hedge fund Highland counters a $3.4 billion equity investment ...

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