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The U.S. Trustee on Wednesday objected to auto parts maker Delphi Corp.'s (DPHIQ.PK: Quote, Profile , Research) proposed $3.4 billion bankruptcy-emergence agreement with an investor group led by Cerberus Capital Management LP and Appaloosa Management LP.
The trustee's response follows earlier objections by a committee representing stockholders, a union that represents Delphi hourly workers and Highland Capital Management LP, which has proposed an alternate $4.7 billion offer.
Delphi, which filed for bankruptcy protection in October 2005, disclosed the proposed investment by the Cerberus and Appaloosa-led group Dec. 18 and an outline for treating various creditors. Highland made its proposal Dec. 21.
The agreement calls for millions of dollars of fees and expenses to professionals for the investors funding Delphi's emergence without oversight, the trustee, Diana Adams, said in court papers.
The framework agreement also appears to dictate many terms of the reorganization, circumventing the disclosure statement and confirmation approval processes, and restricts participation in plan negotiations, Adams said.
Bankruptcy Judge Robert Drain has set a hearing for Jan. 11 in the U.S. Bankruptcy Court for the Southern District of New York to consider whether to approve the equity investment and framework agreements.
Troy, Michigan-based Delphi was spun off by General Motors Corp. (GM.N: Quote, Profile , Research) in 1999. It plans to cut thousands of workers in the United States, 21 of 29 U.S. union plants and exit several business lines to reorganize its operations.
There are two Delphi boards...this link should take you to the other one and the link within the link will take you to the link to the Loan Agreement marked Exhibit 99A.
http://www.investorshub.com/boards/read_msg.asp?message_id=8616077
GM TO CLOSE PLANTS
8:45am 11/21/05
GM to eliminate 30,000 manufacturing jobs in next 3 years (GM) By Michael Baron
NEW YORK (MarketWatch) -- General Motors (GM) Monday said it now plans to eliminate 30,000 manufacturing positions from 2005 through 2008 as part of an effort to reduce its assembly capacity in North America. It expects the staff reduction to come mostly through attrition and early retirees. The figure represents an increase of 5,000 jobs from its previous plan to cut 25,000 positions in the three-year period. The company expects to reduce capacity by an additional 1 million units by the end of 2008, bringing its target down to 4.2 million units, a level that would represent a 30% decrease from 2002 levels. The Dow component expects to record a "significant" restructuring charge in relation to this effort. GM lifted its target for structural cost reductions to $6 billion by the end of 2006 from a previously indicated level of $5 billion. It also is targeting an additional $1 billion in net material cost savings.
I say short at least 50 million shares of GM and let Kirkorian take over the company....
Wagoner: GM Won't File for Bankruptcy
DETROIT, Nov 17, 2005 (AP Online via COMTEX) -- General Motors Corp. Chairman and CEO Rick Wagoner told employees Thursday that the world's largest automaker has no plans to file for bankruptcy despite heavy losses in its North American division and the threat of a strike at Delphi Corp., its major supplier. GM shares climbed more than 6 percent, bouncing back from their lowest level in 18 years.
"I'd like to just set the record straight here and now: there is absolutely no plan, strategy or intention for GM to file for bankruptcy," Wagoner said in a letter to employees, which a GM spokesman said was posted on an internal Web site.
Wagoner said GM has a clearly defined turnaround plan and "a robust balance sheet," with $19 billion in cash and $16 billion in assets in a trust fund for retiree health care.
"The large losses at GM North America are unsustainable, for sure, and require a comprehensive strategy to address them ... a strategy that must be implemented promptly and effectively, to get our U.S. business profitable again," Wagoner said.
GM shares rose $1.34, or 6.3 percent, to close at $22.63 on the New York Stock Exchange. They had traded at an 18-year low of $20.90 during Wednesday's session and slipped as low as $20.60 in Thursday's trading before Wagoner's letter to employees was posted.
Standard & Poor's Ratings Services upgraded its opinion of GM's stock Thursday from "strong sell" to "hold," saying it doesn't expect the company to file for bankruptcy in the next 12 months. S&P said it also believes there is a low probability of a costly strike at Delphi, GM's former parts division, even though union members rejected Delphi's latest wage offer earlier this week. Delphi filed for bankruptcy protection last month.
"Although we expect high gas prices to hinder large vehicle sales, we project rebounding sales volume of these vehicles and a return to profitability in 2006," S&P said.
But GM's mounting problems are causing speculation about the future of Wagoner and other top executives. GM's U.S. market share is falling and it lost nearly $4 billion in the first nine months of this year, crippled by high health care and labor costs. It is under investigation by the U.S. Securities and Exchange Commission for accounting errors, and it also could be liable for billions in pension costs for Delphi retirees.
"If the company continues to go south the way GM is doing, it does raise questions about the confidence the board has in these people," said Gerald Meyers, the former chairman of American Motors Corp. who now teaches at the University of Michigan. "I know they are dealing as best they can, but it's just awful."
Among the investors who could call for a change is billionaire Kirk Kerkorian, who owns a 9.9 percent stake in GM. So far, Kerkorian hasn't acquired a seat on GM's board, even though the value of his investment has dropped substantially this year. For example, the 18.9 million GM shares Kerkorian purchased in June are now worth $161 million less than the $585 million he paid for them.
A message was left with a spokeswoman for Kerkorian.
Industry analyst Maryann Keller said Wagoner isn't entirely to blame for the company's woes, which "go back generations of CEOs." But she said shareholders and others will criticize management until GM takes bold actions. For example, Keller said, GM has said it will reduce 25,000 jobs and close several plants by 2008, but the job cuts are due to attrition and the plant closings haven't been announced. The company also continues to pay dividends to shareholders.
James McTevia, a restructuring expert involved in the Delphi bankruptcy proceedings, said GM's board needs to be more active and aggressive.
"I do not think they have been bold or dramatic enough about the direction in which they want take this company," McTevia said. "GM's problems are going to be solved by a lot of people, not just one."
David Cole, who is chairman of the Ann Arbor-based Center for Automotive Research and has close ties to GM, said the company's board has faith in Wagoner. He said Wagoner can't be too bold because decisions like plant closings involve delicate union negotiations. Negotiations with Delphi also are unpredictable, he said.
"Nobody controls all the levers in this one," Cole said.
---
On the Net:
General Motors Corp., http://www.gm.com
By DEE-ANN DURBIN AP Auto Writer
Copyright 2005 Associated Press, All rights reserved
**********************************************************************
As of Sunday, 11-13-2005 23:59, the latest Comtex SmarTrend(SM) Alert, an automated pattern recognition system, indicated a DOWNTREND on 11-08-2005 for GM @ $26.35.
As of Sunday, 11-13-2005 23:59, the latest Comtex SmarTrend(SM) Alert, an automated pattern recognition system, indicated a DOWNTREND on 11-10-2005 for RGM @ $15.44.
(C) 2005 Comtex News Network, Inc. All rights reserved.
-0-
APO Priority=u APO Category=1310 (PROFILE (CO:General Motors Corp; TS:GM; IG:3300;) (CO:Delphi Corp.; TS:DPHIQ; IG:0000;) (COUNTRY:United States; ISOCOUNTRY3:USA; UNTOP:021; APGROUP:NorthAmerica;) )
KEYWORD: DETROIT
SUBJECT CODE: 1310
AP Photo DT108
Ahhh, yes, hah. I wish my dad would have stay with one of the big three. Although i realize that pensions and such is what is hurting those company's big time right now, and personally believe it's a little outrageous how much some people made out with(my uncle worked for chrysler). i wish he would have gotten in there because he would be way better off right now, and not be laid-off with only 3.5 years left till he wanted to retire.
P.S. My father was a tool and die maker in Detroit at the Sterling Heights Stamping Plant at Chrysler in the late 60's early 70's.
I have some interest in following a bankrupt auto parts distributor to see how it is going to survive the Chinese labor onslaught that has been developing over the past three decades.
http://imvp.mit.edu/papers/94/Yang/yang-1.html
Look at all those dern footnotes.
Delphi Names New Chief Compliance Officer
TROY, Mich., Oct. 31 /PRNewswire/ -- The Board of Directors of Delphi Corp. named David M. Sherbin, 46, as the company's chief compliance officer (CCO), effective immediately.
http://investor.delphi.com/phoenix.zhtml?c=105758&p=irol-newsArticle&ID=775257&highlight...
It's not all totally forever settled just yet, but I am staying out of jail, staying honest, staying clean and sober going on 14 months come this 13th of November.
Wow! that's just 9 days away!
I currently work 9-5 at a mortgage company.
A mind like mine is a terrible thing to waste!
GM Bond Prices Slip on Sale Announcement
Thursday November 3, 4:26 pm ET
GM Bond Prices Slip on Announcement of Company Weighing Sale of Majority Stake in GMAC Unit
NEW YORK (AP) -- The bond market has already taken the GM out of GMAC.
Since General Motors Corp. said on Oct. 17 that it's considering the sale of a majority stake in lucrative financing arm General Motors Acceptance Corp., their bond prices have diverged markedly.
Investors have assigned the securities a new value based on the outcome of a sale, which could net GM as much as $15 billion for a 51 percent stake.
So far, no potential buyers have announced they are interested.
But that would about cover their pension liability with Delphi wouldn't it?
http://biz.yahoo.com/ap/051103/gm_gmac.html?.v=2
Bankruptcy Judge Approves Delphi Expenses
Friday November 4, 4:48 pm ET
By Aleksandrs Rozens, AP Business Writer
Bankruptcy Judge Approves Payment of Attorneys, Other Professionals Representing Delphi
NEW YORK (AP) -- A federal bankruptcy court judge on Friday approved payment of attorneys and other professionals representing auto parts maker Delphi Corp., which is seeking sharp pay cuts from its unionized work force as part of a financial reorganization so it can compete with lower-cost suppliers.
http://biz.yahoo.com/ap/051104/delphi_bankruptcy.html?.v=4
Because I was once under the delusion that I could somehow buy the whole company and I find it interesting now to wade through the garbage that is being cleaned out of the market.
One man's trash is another man's treasure, don't you agree?
My interest is purely the vicarious thrill of knowing that I once approached this company with an offer to buy it at a ridiculously high price.
Auction determines price on some Delphi derivatives
Fri Nov 4, 2005 11:56 AM ET
NEW YORK, Nov 4 (Reuters) - Some derivatives contracts insuring against a debt default by bankrupt auto supplier Delphi Corp. (DPHIQ.PK:) will be settled with a fixed cash payment of 63.375 percent of the amount insured, according to the results of an auction on Friday.
Fifteen of the largest derivatives dealers participated in the auction to determine a value at which the contracts could be settled with a cash payment, instead of requiring the transfer of Delphi's bonds.
http://yahoo.reuters.com/financeQuoteCompanyNewsArticle.jhtml?duid=mtfh26608_2005-11-04_16-56-07_n04...
wow, i just actually read that. What do you do now for a living? Did all that get settled?
Thats too bad, delphi was never meant to go so low, and shall be back to 5 dollars minimum in about 3 years.
Then why do you care or post about this stock???
Because I am banned forever from trading in penny trash!
http://sec.gov/cgi-bin/txt-srch-sec?text=Gabor+S.+Acs&x=5&y=8
Delphi Receives Final Court Approval of $4.5 Billion Financing Package
Court Approves $2 Billion DIP Financing and $2.5 Billion Adequate Protection Package for Prepetition Financing Facilities
Court Also Approves Adequate Protection Package forCustomers and Suppliers
Global Operations and Shipments to Customers Continue Without Interruption
Release date: October 27, 2005
TROY, MICH. -- Delphi Corp. (OTC: DPHIQ) announced today that it has received final Court approval of a $2 billion senior secured debtor-in-possession (DIP) financing facility being provided by JPMorgan Chase and Citigroup Global Markets Inc. and final approval of an adequate protection package for the Company's $2.5 billion prepetition secured revolver and term loan facilities. The final financing package includes provisions that the Court determined also adequately protect customers and suppliers with allowable set-off and recoupment claims and permits them to continue ordinary course business relationships with Delphi.
http://delphi.wieck.com/pressSingle/value=DEL2005102829774
Latest news articles on the firm:
http://www.delphi.com/news/
You are probably right:
Las Vegas -- Delphi Corp., a world leader in automotive electronics, announced today that it has teamed up with the Automotive Service Association (ASA), the nation's largest association of its kind, to provide comprehensive training and web-based information services to all ASA members nationwide.
http://www.delphi.com/news/pressReleases/pr61578-11012005
Let me know when it hits $5.00 again, then it will no longer be considered penny trash and I can buy some in three years or so...
Too bad I cannot trade in it.
I guess no one on this board cares about this company? i think it's a great 2-3 year investment.
From Delphi's website:
Delphi is not going out of business. Our chapter 11 business reorganization is well financed, well planned and well organized. We intend to utilize the chapter 11 process to preserve the value of the company, and complete its transformation plan designed to resolve Delphi's existing legacy issues and the resulting high cost structure of its U.S. operations.
DELPHI BANKRUPTCY NEWS: First Issue Free from Bankruptcy Creditors' Service, Inc.
FAIRLESS HILLS, Pa., Oct. 10 /PRNewswire/ -- Bankruptcy Creditors' Service, Inc., released the first issue of DELPHI BANKRUPTCY NEWS this morning. This newsletter will follow every step Delphi Corporation (NYSE: DPH) and its 38 U.S. subsidiaries take to restructure their business and emerge from chapter 11.
'Our independent and unbiased coverage of troubled situations is unparalleled. Our newsletters provide an efficient and affordable way for lawyers, creditors, competitors, asset buyers, and other parties-in-interest to sift through the mountains of court pleadings and seemingly random information delivered to the courts,' Peter A. Chapman, BCSI's president, said.
A copy of the first issue of DELPHI BANKRUPTCY NEWS is available at http://bankrupt.com/delphi.txt at no charge.
Kenneth Rae V. Bramida, Christopher G. Patalinghug, and Frauline S. Abangan serve as the newsletter's editors. The trio has years of experience covering billion-dollar corporate restructurings.
Delphi is the largest auto-parts supplier in the United States. The company expects to reorganize and emerge from chapter 11 in less than two years' time.
DELPHI BANKRUPTCY NEWS is distributed on a subscription basis by e-mail for US$45 per issue. New issues are published as significant activity occurs (generally every 10 to 20 days) during the company's restructuring.
Since 1990, BCSI has published similar newsletters tracking billion-dollar insolvency proceedings. Currently, BCSI provides similar coverage about the restructuring proceedings involving Collins & Aikman Corporation, Meridian Automotive Systems, Inc., Tower Automotive Inc., Federal-Mogul Corporation, Foamex International, Entergy New Orleans, Mirant Corp., PG&E National Energy Group, Enron Corp., Pacific Gas and Electric Company, Delta Air Lines, Northwest Airlines, US Airways, UAL Corporation and United Airlines, VARIG, S.A., ATA Airlines, ASARCO LLC, Solutia, W.R. Grace & Co., Owens Corning, Armstrong World Industries, USG Corporation, Anchor Glass Container Corp., Allied Holdings, Inc., Saint Vincent Catholic Medical Centers, Integrated Health Services, Mariner Post-Acute & Mariner Health, TECO Energy Inc.'s Panda Gila River and Union Power subsidiaries, Winn-Dixie Stores, Inc., Kmart Corp., Ames Department Stores, Spiegel, Inc. (and its Eddie Bauer and Newport News subsidiaries), ANC Rental, the Roman Catholic Church in the United States, Trump Hotels & Casino Resorts, Inc., Interstate Bakeries Corporation, Adelphia Communications and Adelphia Business Solutions, WorldCom, Winstar, Laidlaw, Parmalat Finanziaria, S.p.A., Bethlehem Steel, Kaiser Aluminum, WestPoint Stevens, Burlington Industries, Exide Technologies, National Century Financial Enterprises, and Reliance Group Holdings & Reliance Financial.
Additionally, BCSI co-publishes the Troubled Company Reporter -- a daily newsletter that provides news about more than 3,000 on-going troubled situations. Go to http://www.bankrupt.com/freetrial/ to sign-up for a 30-day free trial subscription to the TCR.
CONTACT: Peter A. Chapman
Bankruptcy Creditors' Service, Inc.
572 Fernwood Lane
Fairless Hills, Pennsylvania 19030
Telephone (215) 945-7000
Fax (215) 945-7001
peter@bankrupt.com
SOURCE Bankruptcy Creditors' Service, Inc.
Source: PR Newswire (October 10, 2005 - 10:32 AM EDT)
News by QuoteMedia
www.quotemedia.com
Delphi Corporation (OTC: DPHIQ) 0.305, down 0.025 (-7.58%) on 142,675,606 shares.
http://www.pinksheets.com/quote/news.jsp?url=fis_story.asp%3Ftextpath%3DCOMTEX%5Cmt%5C2005%5C10%5C12...
Delphi iBoard Archived
Originally created 10/10/2005...updated iBoard 10/13/2005
Pre-Market (RT-ECN): 0.57 0.55 (-49.11%)
Bankrupt auto parts supplier Delphi Corp. (NYSE:DPH - News) will ask a judge to void its labor contracts if it cannot reach agreement on wage and benefit concessions from its unions by mid-December, the company said in court papers.
http://biz.yahoo.com/rb/051010/autos_delphi.html?.v=1
Delphi Corp.
5725 Delphi Drive
Troy, MI 48098
Phone: 248-813-2000
Fax: 248-813-2523
Web Site: http://www.delphi.com
Delphi Corporation supplies vehicle electronics, transportation components, integrated systems, and modules worldwide. It operates through three segments: Dynamics, Propulsion, Thermal, and Interior (DPTI); Electrical, Electronics, and Safety (EES); and Automotive Holdings Group (AHG). DPTI segment’s products primarily include gasoline and diesel engine management systems that electronically optimize engine performance; sensors and actuators, which provide essential data and control for integrated vehicle systems; air/fuel management subsystems; exhaust emission systems; fuel handling systems and evaporative emissions canisters; and vehicle stability control systems. EES segment’s product offerings principally consist of a range of advanced audio systems and components, including satellite reception systems for vehicles and home use; wireless products that provide mobile connectivity, entertainment, and information; powertrain and engine control modules; sensors and actuators for advanced digital control systems; body and security systems; collision warning systems; connection systems; and switches and mechatronic devices. AHG segment’s principal primary lines include halfshafts, batteries, filters, spark plugs, generators, and compressors. The company’s products are used in various applications, including vehicles, communication, computer, consumer electronic, energy, and medical. Delphi sells its products primarily to independent aftermarket customers and consumer electronics customers, as well as to the manufacturers of medium-duty and heavy-duty trucks, and off-road equipment. The company was incorporated in 1998 and is headquartered in Troy, Michigan.
Largets Stockholders
CAPITAL INTERNATIONAL LIMITED 28,116,669 5.01 $125,962,677 31-Mar-05
BRANDES INVESTMENT PARTNERS L.P. 24,988,603 4.45 $111,948,941 31-Mar-05
HOTCHKIS & WILEY CAPITAL MANAGEMENT, LLC 21,608,153 3.85 $96,804,525 31-Mar-05
BARCLAYS BANK PLC 20,000,817 3.56 $89,603,660 31-Mar-05
VANGUARD GROUP, INC. (THE) 17,028,495 3.03 $76,287,657 31-Mar-05
CAPITAL GUARDIAN TRUST COMPANY 14,995,200 2.67 $67,178,496 31-Mar-05
TIAA CREF INVESTMENT MANAGEMENT, LLC 12,682,129 2.26 $56,815,937 31-Mar-05
DODGE & COX INC 74,376,578 13.25 $333,207,069 31-Mar-05
CAPITAL RESEARCH AND MANAGEMENT COMPANY 72,055,000 12.83 $322,806,400 31-Mar-05
STATE STREET CORPORATION 71,772,126 12.78 $321,539,124 31-Mar-05
TOP MUTUAL FUND HOLDERS
Holder Shares % Out Value* Reported
DODGE & COX STOCK FUND 36,051,632 6.42 $161,511,311 31-Mar-05
INVESTMENT COMPANY OF AMERICA 25,400,000 4.52 $113,792,000 31-Mar-05
INCOME FUND OF AMERICA INC 22,500,000 4.01 $100,800,000 31-Mar-05
OAKMARK EQUITY AND INCOME FUND 14,871,300 2.65 $134,139,126 31-Dec-04
AMERICAN MUTUAL FUND INC 13,200,000 2.35 $59,136,000 31-Mar-05
DODGE & COX BALANCED FUND 12,515,664 2.23 $56,070,174 31-Mar-05
VANGUARD/WINDSOR II 8,148,700 1.45 $61,848,633 31-Jan-05
AMERICAN FDS INSURANCE SER-INTERNATIONAL FD 6,600,000 1.18 $29,568,000 31-Mar-05
HOTCHKIS AND WILEY MID-CAP VALUE FUND 5,598,900 1.00 $50,502,078 31-Dec-04
VANGUARD 500 INDEX FUND 5,282,743 .94 $47,650,341 31-Dec-04
RECENT EVENTS
Date Event
7-Oct-05 DELPHI CORP Files SEC form 8-K, Entry into Material Agreement, Financial Statements and Exhibits
7-Oct-05 Price hit new 52-week low ($1.03)
6-Oct-05 Price hit new 52-week low ($2.10)
5-Oct-05 Price hit new 52-week low ($2.20)
3-Oct-05 DELPHI CORP Files SEC form 8-K, Other Events, Financial Statements and Exhibits
INSIDER & RULE 144 TRANSACTIONS REPORTED - THIS YEAR
Date Insider Shares Type Transaction Value*
1-Oct-05 SHERBIN, DAVID M.
Officer N/A Direct Statement of Ownership N/A
20-Jul-05 BATTENBERG, JT III
Former Chairman 131,241 Direct Disposition (Non Open Market) at $5.13 per share. $673,266
20-Jul-05 RUNKLE, DONALD L.
Former Vice Chairman 50,702 Direct Disposition (Non Open Market) at $5.13 per share. $260,101
1-Jul-05 MILLER, ROBERT STEVE
Officer N/A Direct Statement of Ownership N/A
4-Mar-05 SHEEHAN, JOHN D.
Chief Financial Officer 6,862 Direct Acquisition (Non Open Market) at $5.66 per share. $38,838
1-Mar-05 ROBINSON, LOGAN G.
Vice President 22,253 Direct Acquisition (Non Open Market) at $6.90 per share. $153,545
1-Mar-05 O'NEAL, RODNEY
President 77,625 Direct Acquisition (Non Open Market) at $6.90 per share. $535,612
1-Mar-05 BATTENBERG, JT III
Chairman 188,550 Direct Acquisition (Non Open Market) at $6.90 per share. $1,300,995
1-Mar-05 SHEEHAN, JOHN D.
Chief Accounting Officer 9,338 Direct Acquisition (Non Open Market) at $6.90 per share. $64,432
1-Mar-05 WOHLEEN, DAVID B.
Vice Chairman 61,200 Direct Acquisition (Non Open Market) at $6.90 per share. $422,280
1-Mar-05 WEBER, MARK R.
Executive Vice President 55,350 Direct Acquisition (Non Open Market) at $6.90 per share. $381,915
3-Jan-05 ROBINSON, LOGAN G.
Vice President 2,925 Direct Disposition (Non Open Market) at $8.93 per share. $26,120
3-Jan-05 O'NEAL, RODNEY
Officer 5,331 Direct Disposition (Non Open Market) at $8.93 per share. $47,605
3-Jan-05 BATTENBERG, JT III
Chairman 13,378 Direct Disposition (Non Open Market) at $8.93 per share. $119,465
3-Jan-05 DAWES, ALAN S.
Vice Chairman 5,483 Direct Disposition (Non Open Market) at $8.93 per share. $48,963
3-Jan-05 WOHLEEN, DAVID B.
Officer 5,179 Direct Disposition (Non Open Market) at $8.93 per share. $46,248
3-Jan-05 WEBER, MARK R.
Executive Vice President 4,876 Direct Disposition (Non Open Market) at $8.93 per share. $43,542
3-Jan-05 RUNKLE, DONALD L.
Officer 5,483 Direct Disposition (Non Open Market) at $8.93 per share. $48,963
On October 8, 2005, each of the Debtors filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code"). The thirty-nine Debtors are being jointly administered under Delphi Corporation, Case No. 05-44481. The Bankruptcy Cases are pending before the Honorable Robert D. Drain, Bankruptcy Judge, United States Bankruptcy Court for the Southern District of New York.
Pursuant to the Bankruptcy Code (specifically including, but not limited to, 11 U.S.C. § 362), a debtor is afforded certain protection against its creditors; the Bankruptcy Code prohibits creditors from taking certain actions related to debts that may have been owing prior to the commencement of the Bankruptcy Cases. If you believe that you might be a creditor of the Debtors based upon debts arising prior to their respective filing dates, and you are considering taking action based upon your status as a creditor, you may wish to seek legal advice. The staff of the Clerk's Office of the Bankruptcy Court and the staff of Kurtzman Carson Consultants LLC are not permitted to give legal advice.
http://delphidocket.com/documents/0544481/0544481051009000000000022.pdf
http://www.delphidocket.com/delphi
In re Delphi Corporation, Case No. 05-44481 (RDD)
United States Bankruptcy Court, Southern District of New York (http://www.nysb.uscourts.gov)
http://delphidocket.com/documents/0544481/0544481051012000000000006.pdf
http://www.delphidocket.net/delphi/Docket/SearchResults.asp
Log on to our Internet Catalog for the most up-to-date Delphi catalog information at http://go.delphi.com.
http://pss.delphi.com/na_eng/
Delphi Receives Court Approval of First Day Motions
Makes Significant Progress in Reorganization
Court Grants Interim Approval of Debtor-in-Possession Financing; Schedules Final Hearing on October 27th
Release Date: October 12, 2005
TROY, Mich.-- Delphi Corp. (OTC: DPHIQ) announced today that it received Court approval at yesterday's "first-day" hearing of all of the motions presented to the Bankruptcy Court for consideration at the hearing covering human capital obligations, supplier relations, customer relations, business operations, tax matters, cash management, financing, utilities, case management and retention of professionals.
Included in the authorities granted to the Company was interim approval to use up to $950 million of the Company's $2 billion senior secured debtor-in-possession (DIP) financing being provided by a group of lenders led by JPMorgan Chase Bank and Citigroup Global Markets, Inc. The Company also received interim approval of an adequate protection package for the Company's $2.5 billion prepetition secured revolver and term loan facilities. The proceeds of the DIP financing together with cash generated from daily operations and cash on hand will be used to fund post-petition operating expenses, including its supplier obligations and employee wages, salaries and benefits. The overall liquidity available to Delphi (including more than USD $1 billion on hand outside the US which Delphi does not plan to repatriate to fund U.S. operations) will support its global operations outside the U.S. and help assure the continued adequacy of working capital throughout its global business units.
We are pleased with the approval by the Bankruptcy Court of our "first-day motions," which, taken together, will enable Delphi to operate globally without interruption and meet normal business obligations, said Robert S. Steve Miller, Delphi's chairman and chief executive officer. With our first-day motions approved, we can now direct our focus on reducing our U.S. legacy costs and continuing to implement our transformation plan. We are determined to do what it takes to make our U.S. businesses competitive.
All of the first-day orders are in the process of being signed by the Honorable Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York and are expected to be posted on www.delphidocket.com later today. The first-day orders will supercede authorities granted in "bridge orders" entered on October 8 which remain effective until docketing of the first-day orders. The Bankruptcy Court has scheduled a final hearing on any first-day orders approved on an interim basis as part of the calendar for the Company's first monthly omnibus hearing on October 27.
On Saturday, October 8, Delphi and 38 of its domestic U.S. subsidiaries filed voluntary petitions for business reorganization under Chapter 11 of the U.S. Bankruptcy Code. Delphi's non-U.S. subsidiaries were not included in the filing and will continue their business operations without supervision from the U.S. courts. More information on Delphi's U.S. restructuring is available at www.delphi.com. Access to Court documents and other general information about the Chapter 11 cases is available at www.delphidocket.com. Delphi has also set up two separate toll-free information lines: one for specific supplier inquiries, 866-688-8679 or 248-813-2601, and another for employees, customers, shareholders and other interested parties, 866-688-8740 or 248-813-2602.
Delphi's Chapter 11 cases have been assigned to the Honorable Robert D. Drain under lead case number 05-05-44481 (RDD). Information on the case can also be obtained on the Bankruptcy Court's web site with Pacer registration: http://www.nysb.uscourts.gov. For more information about Delphi and its operating subsidiaries, visit Delphi's Media Room at www.delphi.com/media/.
This press release as well as other statements made by Delphi may contain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, that reflect, when made, the Company's current views with respect to current events and financial performance. Such forward looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the Company's operations and business environment which may cause the actual results of the Company to be materially different from any future results, express or implied, by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: the ability of the Company to continue as a going concern; the ability of the Company to operate pursuant to the terms of the DIP facility; the Company's ability to obtain court approval with respect to motions in the chapter 11 proceeding prosecuted by it from time to time; the ability of the Company to develop, prosecute, confirm and consummate one or more plans of reorganization with respect to the chapter 11 cases; risks associated with third parties seeking and obtaining court approval to terminate or shorten the exclusivity period for the Company to propose and confirm one or more plans of reorganization, for the appointment of a chapter 11 trustee or to convert the cases to chapter 7 cases; the ability of the Company to obtain and maintain normal terms with vendors and service providers; the Company's ability to maintain contracts that are critical to its operations; the potential adverse impact of the chapter 11 cases on the Company's liquidity or results of operations; the ability of the Company to fund and execute its business plan; the ability of the Company to attract, motivate and/or retain key executives and associates; and the ability of the Company to attract and retain customers. Other risk factors are listed from time to time in the Company's SEC reports, including, but not limited to the quarterly report on Form 10-Q for the quarter ended June 30, 2005. Delphi disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Similarly, these and other factors, including the terms of any reorganization plan ultimately confirmed, can affect the value of the Company's various pre-petition liabilities, common stock and/or other equity securities. No assurance can be given as to what values, if any, will be ascribed in the bankruptcy proceedings to each of these constituencies. Accordingly, the Company urges that the appropriate caution be exercised with respect to existing and future investments in any of these liabilities and/or securities.
For more information contact:
Delphi
Claudia Baucus
Telephone: +1 248.813.2942
Delphi
Lindsey Williams
Telephone: +1 248-813-2528
Delphi
Brad Jackson
Telephone: +1 248-813-6873
http://www.delphi.com/news/pressReleases/
Delphi Announces Listing on the Pink Sheets and New Ticker Symbol
Company common shares trading under new symbol DPHIQ
Release Date: October 11, 2005
TROY, Mich. -- October 11, 2005 Delphi Corporation (OTC:DPHIQ), announced that effective today the Company's common stock will be traded under the symbols DPHIQ on the Pink Sheets. In light of Delphi's voluntary filing for relief under chapter 11 of the Bankruptcy Code announced on October 8, 2005, Delphi has determined it will not request a hearing to appeal the NYSE's determination to suspend its securities including its 6 1/2% Notes due May 1, 2009, its 7 1/8% debentures due May 1, 2029 and the 8.25% Cumulative Trust Preferred Securities of Delphi Trust I, from being traded on the New York Stock Exchange.
Delphi preferred shares are also trading on the Pink Sheets under the symbol DPHAQ.
Pink Sheets® LLC is the leading provider of pricing and financial information for the over-the-counter (OTC) securities markets. For more information please visit www.pinksheets.com.
There is no assurance as to what values, if any, will be ascribed in the chapter 11 cases as to the value of Delphi's existing common stock and/or any other Delphi securities. Accordingly, the company urges that the appropriate caution be exercised with respect to existing and future investments in any of these securities as the value and prospects are highly speculative.
More information on Delphi's U.S. restructuring, including access to Court documents and other general information about the chapter 11 cases, is available at www.delphidocket.com. Delphi has also set up two separate toll-free information lines: one for specific supplier inquiries, 866-688-8679 or 248-813-2601, and another for employees, customers, shareholders and other interested parties, 866-688-8740 or 248-813-2602. For more information about Delphi and its operating subsidiaries, visit Delphi's Media Room at www.delphi.com/media/.
This press release as well as other statements made by Delphi may contain forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, that reflect, when made, the Company's current views with respect to current events and financial performance. Such forward looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the Company's operations and business environment which may cause the actual results of the Company to be materially different from any future results, express or implied, by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: the ability of the Company to continue as a going concern; the ability of the Company to operate pursuant to the terms of the DIP facility; the Company's ability to obtain court approval with respect to motions in the chapter 11 proceeding prosecuted by it from time to time; the ability of the Company to develop, prosecute, confirm and consummate one or more plans of reorganization with respect to the chapter 11 cases; risks associated with third parties seeking and obtaining court approval to terminate or shorten the exclusivity period for the Company to propose and confirm one or more plans of reorganization, for the appointment of a chapter 11 trustee or to convert the cases to chapter 7 cases; the ability of the Company to obtain and maintain normal terms with vendors and service providers; the Company's ability to maintain contracts that are critical to its operations; the potential adverse impact of the chapter 11 cases on the Company's liquidity or results of operations; the ability of the Company to fund and execute its business plan; the ability of the Company to attract, motivate and/or retain key executives and associates; and the ability of the Company to attract and retain customers. Other risk factors are listed from time to time in the Company's SEC reports, including, but not limited to the quarterly report on Form 10-Q for the quarter ended June 30, 2005. Delphi disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Similarly, these and other factors, including the terms of any reorganization plan ultimately confirmed, can affect the value of the Company's various pre-petition liabilities, common stock and/or other equity securities. No assurance can be given as to what values, if any, will be ascribed in the bankruptcy proceedings to each of these constituencies. Accordingly, the Company urges that the appropriate caution be exercised with respect to existing and future investments in any of these liabilities and/or securities.
For more information contact:
Delphi - Media Contact
Claudia Baucus
Telephone: +1 248.813.2942
Delphi - Investor Contact
Brian Eichenlaub
Telephone: +1 248.813.2495
http://www.delphi.com/news/pressReleases/pr58490-10112005
WASHINGTON -(Dow Jones)- Appaloosa Management LP reported Tuesday holding a 9.3% passive stake in Delphi Corp. (DPH), according to a Schedule 13G filed with the Securities and Exchange Commission.
Appaloosa beneficially owns 52 million common shares of the biggest U.S. auto- parts maker, the filing said.
Appaloosa reported its holdings on a form designated for passive investors, or those not seeking to change or influence a company's operations. Filers aren't required to provide a reason for any changes in stake and aren't required to detail any transactions.
As reported, Delphi filed for bankruptcy protection on Saturday, saying its global operations would continue without interruption.
Shares of Delphi recently traded at 36 cents, up 3 cents.
-By Denise Jia, Dow Jones Newswires; 202-862-1359; denise.jia@dowjones.com
(END) Dow Jones Newswires
10-12-050127ET
Copyright (c) 2005 Dow Jones & Company, Inc.
Copyright (C) 2005 Dow Jones & Company, Inc. All Rights Reserved.
Judge Grants Delphi Use of $950M Loan
Tuesday October 11, 9:40 pm ET
Judge Grants Delphi Use of $950M Loan; Company Expected to Divest Portion of U.S. Plants
NEW YORK (AP) -- A judge on Tuesday approved the use of $950 million in financing for auto supplier Delphi Corp., which is expected to consolidate or divest a significant portion of its U.S. plants during its stay in bankruptcy court.
That sum is part of a $2 billion debtor-in-possession loan assembled by a consortium of lenders led by J.P. Morgan Chase & Co. and Citigroup Global Markets Inc., which will help the company operate during its bankruptcy, expected to end in early 2007.
Delphi lawyers said the company would need only $565 million until the next financing hearing on Oct. 27, but that a " cushion" was necessary.
At Tuesday's hearing, U.S. Bankruptcy Judge Robert Drain also said he would extend an order allowing Delphi to continue paying employees' salaries and benefits. A temporary order to do so had been granted on Saturday, when the auto supplier filed for Chapter 11 bankruptcy protection from creditors.
Earlier, an attorney for Troy, Mich.-based Delphi said the company had filed for bankruptcy " to deal with our legacy liabilities in the U.S." He added that much of Delphi's profit is generated abroad and that " we don't make money on what we produce here in the U.S."
Attorneys for the company also defended the recent extension of a severance package for executives, saying the company had sought " noncompete" agreements from them to protect its business interests.
Delphi beefed up the severance agreements for 21 of its top executives on Friday, the day before it filed for bankruptcy. Under the new agreement, executives will be eligible for 18 months of pay and at least a portion of their bonus if Delphi lays them off or they leave voluntarily. Previously severance packages were capped at 12 months. In exchange, the executives signed agreements promising not to work for competitors for 18 months.
The United Auto Workers, which represents nearly half of Delphi's U.S. employees, recently lambasted the company for sweetening executive packages before filing for bankruptcy.
Delphi has 31 plants in 13 states. The company has 185,000 employees worldwide, 50,600 of which are U.S. employees, including 34,750 hourly workers and 15,850 salaried workers.
Delphi has struggled to turn a profit since General Motors Corp., now its biggest customer, spun it off in 1999. It lost $4.8 billion in 2004 and nearly $750 million in the first half of this year.
GM could be liable for some of Delphi's retirement benefits. GM said this week it may have to assume up to $11 billion in retirement benefits for union-covered employees who transferred from GM to Delphi.
Delphi, No. 63 on the 2005 Fortune 500 list of the largest U.S. corporations, listed $17.1 billion in assets and $22.2 billion in debt in Saturday's bankruptcy petition.
Separately on Tuesday, the federal agency that insures pension plans said the bankrupt auto supplier's pension plan is underfunded by $10.8 billion.
The amount takes into account any assets the company already has in the plan, Pension Benefit Guaranty Corp. spokesman Jeffrey Speicher said.
Delphi could shift some of its pension obligations to the PBGC as part of its restructuring. But Speicher said the PBGC would insure no more than $4.1 billion, or less than half the total necessary to meet Delphi's obligations to retirees.
The New York Stock Exchange suspended trading of Delphi shares Tuesday. The shares are now trading on the Pink Sheets, an over-the-counter electronic trading platform.
Delphi Corp., http://www.delphi.com
Run over: Delphi may cost GM $11B
Automaker owes union members at former unit; newspaper says plant closings, job cuts coming.
October 10, 2005: 7:58 AM EDT
NEW YORK, (CNN/Money) - The bankruptcy by auto parts maker Delphi Corp. could mean an $11 billion hit to its former parent General Motors Corp., according to the automaker, and thousands of job cuts at Delphi's North American parts plants.
http://money.cnn.com/2005/10/10/news/fortune500/delphi_bankruptcy/index.htm
Delphi Corp. (NYSE: DPH) acknowledged today that it continues to be in discussions with its major unions and General Motors Corp. concerning a comprehensive restructuring designed to address Delphi's existing U.S. legacy liabilities and the resulting high-cost structure of its U.S. operations going forward.
Robert S. "Steve" Miller, Delphi's chairman and CEO, said, "While I'm pleased that we continue to be in discussions on a consensual restructuring, as everyone is aware we have been working on this for quite some time and our board is committed to achieving a successful restructuring of Delphi, one way or another."
Delphi also stated that, until a path is chosen for implementing its restructuring, it does not intend to comment further on these matters.
For more information about Delphi, visit Delphi's website at www.delphi.com.
Forward looking statement
All statements contained or referenced in this press release which address events or developments that we expect or anticipate may occur in the future (including statements relating to a potential comprehensive restructuring of Delphi and our ability to address our U.S. legacy liabilities and resulting high cost structure in the U.S., and our restructuring discussions with our unions and General Motors Corporation), are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of management's current views and assumptions with respect to future events. Important factors, risks and uncertainties which may cause actual results to differ from those expressed in our forward-looking statements are set forth in detail in our filings with the SEC, including our annual report on Form 10-K for the year ended December 31, 2004 and our quarterly report on Form 10-Q for the quarter ended June 30, 2005. In particular, these factors, risks and uncertainties include our ability to execute our restructuring plans in a manner which satisfactorily addresses our U.S. legacy liabilities and high cost structure in the U.S. and other matters, while at the same time continuing to be able to diversify our customer base, maintain sufficient GM business and maintain flexibility to respond to adverse and cyclical changes in general economic conditions and in the automotive industry in each market where we operate, as well as other factors, risks and uncertainties discussed in our filings with the SEC. Delphi does not intend or assume any obligation to update any of its forward-looking statements.
Media contact: Claudia Baucus
248-813-2942
Investor contact: Brian Eichenlaub
248-813-2495
Release date: September 28, 2005
The Board of Directors of Delphi Corp. (NYSE: DPH) today named David M. Sherbin, 46, as vice president and general counsel, effective immediately. Sherbin becomes a member of the Delphi Strategy Board, the company's top policy making group, and will report to Chairman and CEO Robert S. "Steve" Miller. Sherbin most recently was vice president, general counsel and secretary for Pulte Homes, Inc., based in Bloomfield Hills, Mich.
Delphi also named Logan G. Robinson as vice president and special counsel - restructuring. He will also remain available to assist Mr. Sherbin in transitioning his prior responsibilities, however his primary efforts will be directed toward the company's restructuring efforts, and he will continue to report to Miller.
"We have made it clear over the past few months that it is essential for Delphi to address our legacy cost issues, particularly in the United States," Miller said. "As activities increase - either outside of, or within, a filing under Chapter 11 protection of the U.S. Bankruptcy Code - we need increased support to address the complex legal issues ahead of us."
Miller said that Sherbin was identified following an in-depth search by an executive recruiting firm.
Prior to joining Pulte, Sherbin was senior vice president, general counsel and secretary for Federal Mogul. He earned a BA from Oberlin College and a J.D. from the Law School at Cornell University.
Release date: October 3, 2005
For more information about these executives or Delphi, please visit www.delphi.com/media
The Board of Directors of Delphi Corp. (NYSE: DPH) today named Robert J. Dellinger as the company's executive vice president and chief financial officer effective immediately. Dellinger, 45, most recently was the executive vice president and chief financial officer for Sprint Corp. He succeeds John D. Sheehan, who was named Delphi's vice president and chief restructuring officer and had served as acting CFO since March 4, 2005. Sheehan will retain his responsibilities as chief accounting officer and controller on an interim basis but his primary focus will be on leading Delphi's restructuring activities. Both Dellinger and Sheehan will be members of the Delphi Strategy Board, the company's top policy-making group.
"Bob's sound financial judgment, international experience and strength of leadership will be critical as we move ahead with our global transformation," said Robert S. "Steve" Miller, Delphi's chairman and chief executive officer. "John's leadership as acting CFO has been vital during this transition time and he will bring the necessary focus to Delphi's restructuring efforts in his new role."
Prior to joining Sprint in June 2002, Dellinger was president and chief executive officer of GE Frankona Re based in Munich, Germany, with responsibility for General Electric's (GE) Employers Reinsurance Corporations (ERC) European and Asian operations. In his 19-year career at GE, he had diverse financial and operational experiences in both industrial and financial services. In March 1997, he was named an officer of GE and executive vice president and chief financial officer of ERC. He served as manager of finance for GE Motors and Industrial Systems from 1995 to 1997 and was director of finance and business development for GE Plastics Pacific based in Singapore from 1993 to 1995. He spent five years on the GE Corporate Audit Staff and completed the GE Financial Management Program.
Dellinger graduated from Ohio Wesleyan University in 1982 with a bachelor of arts in economics and a minor in accounting. He serves on the board of directors of SIRVA, Inc., a NYSE- listed company.
For more information about Dellinger and information about Delphi and its operating subsidiaries, visit Delphi's Media Room at www.delphi.com/media/.
For more information contact:
Delphi
Claudia Baucus
Telephone: +1 248.813.2942
On October 8, 2005, Delphi and certain of its domestic U.S. subsidiaries have filed voluntary petitions for business reorganization under chapter 11 of the U.S. Bankruptcy Code. The filing only involves Delphi's U.S. wholly-owned operating subsidiaries and should not materially affect the company's non-U.S. subsidiaries.
Delphi is not going out of business. Our chapter 11 business reorganization is well financed, well planned and well organized. We intend to utilize the chapter 11 process to preserve the value of the company, and complete its transformation plan designed to resolve Delphi's existing legacy issues and the resulting high cost structure of its U.S. operations.
Our customers worldwide can be assured that we will continue to meet their quality scheduling, delivery and production needs in a timely manner. Our customers should expect to receive the same superior engineering for which Delphi is known. We remain committed to developing technology and new products and providing our customers worldwide with our unparalleled customer support.
We encourage you to explore this section and check it regularly for updates on reorganization.
Below are the 39 entities that were included in the filing.
1. Delphi Corporation (Parent) (Delaware)
2. ASEC Manufacturing General Partnership (Delaware)
3. ASEC Sales General Partnership (Delaware)
4. Aspire, Inc. (Michigan)
5. Delco Electronics Overseas Corporation (Delaware)
6. Delphi Automotive Systems (Holding), Inc. (Delaware)
7. Delphi Automotive Systems Global (Holding), Inc. (Delaware)
8. Delphi Automotive Systems Human Resources LLC (Delaware)
9. Delphi Automotive Systems International, Inc. (Delaware)
10. Delphi Automotive Systems Korea, Inc. (Delaware)
11. Delphi Automotive Systems LLC (Delaware)
12. Delphi Automotive Systems Overseas Corporation (Delaware)
13. Delphi Automotive Systems Risk Management Corp. (Delaware)
14. Delphi Automotive Systems Services LLC (Delaware)
15. Delphi Automotive Systems Tennessee, Inc. (Delaware)
16. Delphi Automotive Systems Thailand, Inc. (Delaware)
17. Delphi China LLC (Delaware)
18. Delphi Connection Systems (California)
19. Delphi Diesel Systems Corp. (Delaware)
20. Delphi Electronics (Holding) LLC (Delaware)
21. Delphi Foreign Sales Corporation (Virgin Islands)
22. Delphi Integrated Service Solutions, Inc. (Michigan)
23. Delphi International Holdings Corp. (Delaware)
24. Delphi International Services, Inc. (Delaware)
25. Delphi Liquidation Holding Company (Delaware)
26. Delphi LLC (Delaware)
27. Delphi Mechatronic Systems, Inc. (Delaware)
28. Delphi Medical Systems Colorado Corporation (Colorado)
29. Delphi Medical Systems Corporation (Delaware)
30. Delphi Medical Systems Texas Corporation (Delaware)
31. Delphi NY Holdings Corporation (New York)
32. Delphi Services Holding Corporation (Delaware)
33. Delphi Technologies, Inc. (Delaware)
34. DREAL, Inc. (Delaware)
35. Environmental Catalysts, LLC (Delaware)
36. Exhaust Systems Corporation (Delaware)
37. Packard Hughes Interconnect Company (Delaware)
38. Specialty Electronics, Inc. (South Carolina)
39. Specialty Electronics International Ltd. (Virgin Islands)
http://www.delphi.com/reorganization/home/
Delphi Receives Court Approval of Bridge Orders Allowing Continuation of Cash Management System and Payments to Employees Under Current Compensation and Benefit Programs
Company Anticipates First Day Hearing Will Be Held on Tuesday, October 11
Release Date: October 8, 2005
TROY, Mich. -- Delphi Corporation (NYSE: DPH) announced today that in support of its reorganization efforts it has received interim Court approval to continue to utilize its existing cash management system, as well as approval to continue paying all salaried and hourly employees in the U.S. under Delphis current compensation and benefit programs. The Honorable Arthur J. Gonzalez of the U.S. Bankruptcy Court for the Southern District of New York entered "bridge" orders Saturday afternoon granting this and other relief, including the authority to continue customer programs.
As previously announced, a permanent case assigned Bankruptcy Judge will be selected on Tuesday, October 11, 2005, and the Company anticipates that a full hearing on the "first day" motions will be conducted later that day. The Company will provide further details of the "first-day" hearing when they become known.
On Saturday, October 8, Delphi and 38 of its domestic U.S. subsidiaries filed voluntary petitions for business reorganization under Chapter 11 of the U.S. Bankruptcy Code. Delphis non-U.S. subsidiaries were not included in the filing and will continue their business operations without supervision from the U.S. courts.
"We greatly appreciate the Courts prompt entry of these bridge orders," Robert S. "Steve" Miller, Delphi's chairman and CEO. "The relief granted by the Court today will help ensure that there is a seamless transition into Chapter 11 for Delphis U.S. operations, especially with respect to our U.S. employees who should not experience any disruption in compensation or benefits. We look forward to the hearing on Tuesday and the Courts timely consideration of the remainder of our first-day motions."
Mr. Miller stressed that there should not be any immediate impact upon Delphis plants and facilities or Delphis employees. "All employees both salaried and hourly are expected to continue to report to work as always, and our plants should continue normal operations as we continue to meet the quality, scheduling, delivery and production needs of our customers."
More information on Delphis U.S. restructuring is available at www.delphi.com. Access to Court documents, including the bridge orders, and other general information about the Chapter 11 cases is available at www.delphidocket.com. Delphi has also set up two separate toll-free information lines: one for specific supplier inquiries, 866-688-8679 or 248-813-2601, and another for employees, customers, shareholders and other interested parties, 866-688-8740 or 248-813-2602.
For more information about Delphi and its operating subsidiaries, visit Delphis Media Room at www.Delphi.com/media/.
This press release as well as other statements made by Delphi may contain forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, that reflect, when made, the Company's current views with respect to current events and financial performance. Such forward looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the Company's operations and business environment which may cause the actual results of the Company to be materially different from any future results, express or implied, by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: the ability of the Company to continue as a going concern; the ability of the Company to operate pursuant to the terms of the DIP facility; the Company's ability to obtain court approval with respect to motions in the chapter 11 proceeding prosecuted by it from time to time; the ability of the Company to develop, prosecute, confirm and consummate one or more plans of reorganization with respect to the chapter 11 cases; risks associated with third parties seeking and obtaining court approval to terminate or shorten the exclusivity period for the Company to propose and confirm one or more plans of reorganization, for the appointment of a chapter 11 trustee or to convert the cases to chapter 7 cases; the ability of the Company to obtain and maintain normal terms with vendors and service providers; the Company's ability to maintain contracts that are critical to its operations; the potential adverse impact of the chapter 11 cases on the Company's liquidity or results of operations; the ability of the Company to fund and execute its business plan; the ability of the Company to attract, motivate and/or retain key executives and associates; and the ability of the Company to attract and retain customers. Other risk factors are listed from time to time in the Company's SEC reports, including, but not limited to the quarterly report on Form 10-Q for the quarter ended June 30, 2005. Delphi disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Similarly, these and other factors, including the terms of any reorganization plan ultimately confirmed, can affect the value of the Company's various pre-petition liabilities, common stock and/or other equity securities. No assurance can be given as to what values, if any, will be ascribed in the bankruptcy proceedings to each of these constituencies. Accordingly, the Company urges that the appropriate caution be exercised with respect to existing and future investments in any of these liabilities and/or securities.
For more information contact:
Delphi
Claudia Baucus
Telephone: +1 248.813.2942
Delphi Corporation Announces "Bridge Order" Hearing Will Be Held Today -- Saturday, October 8, 2005 -- at 4:00 p.m. (EDT)
Release Date: October 8, 2005
TROY, Mich. -- Delphi Corporation (NYSE:DPH) announced that a hearing will be conducted on Saturday, October 8, 2005 at 4:00 p.m. (EDT) at the United States Bankruptcy Court for the Southern District of New York, One Bowling Green, New York, New York 10004 to consider various motions seeking administrative relief and the entry of "bridge" orders pending further hearings in the above captioned cases. The courthouse is expected to open at approximately 3:30 p.m. (EDT).
Parties may participate or attend this hearing in person or by telephone. Telephonic participation and attendance is available by calling Court Conference at 801-964-8077. Under no circumstances may any participant or attendee record or broadcast the proceedings conducted by the Bankruptcy Court. Court Conference requests that parties seeking to participate contact the Court as soon as possible. Please dial 801- 964-8077.
Please take further notice that in accordance with Local Bankruptcy Rule 1073-1(f) a judge will be designated to preside over the aforementioned requests for relief pending an assignment of a Bankruptcy Judge to the cases on October 11, 2005, in accordance with Local Bankruptcy Rule 1073-1(a), the Court's Chapter 11 judge assignment process. At such time, the name of the assigned Bankruptcy Judge will be posted on the docket of the cases. The judge hearing the various motions today may not be the judge assigned to the case under the Court's Chapter 11 judge assignment process, but will only consider those requests for relief that require Court action prior to the judge assignment on October 11, 2005.
More information on Delphi's U.S. restructuring, including access to Court documents and other general information about the chapter 11 cases, is available at www.delphidocket.com. Delphi has also set up two separate toll-free information lines: one for specific supplier inquiries, 866-688-8679 or 248-813-2601, and another for employees, customers, shareholders and other interested parties, 866-688-8740 or 248-813-2602.
For more information about Delphi and its operating subsidiaries, visit Delphi's Media Room at www.delphi.com/media/.
This press release as well as other statements made by Delphi may contain forward-looking statements within the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, that reflect, when made, the Company's current views with respect to current events and financial performance. Such forward looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the Company's operations and business environment which may cause the actual results of the Company to be materially different from any future results, express or implied, by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: the ability of the Company to continue as a going concern; the ability of the Company to operate pursuant to the terms of the DIP facility; the Company's ability to obtain court approval with respect to motions in the chapter 11 proceeding prosecuted by it from time to time; the ability of the Company to develop, prosecute, confirm and consummate one or more plans of reorganization with respect to the chapter 11 cases; risks associated with third parties seeking and obtaining court approval to terminate or shorten the exclusivity period for the Company to propose and confirm one or more plans of reorganization, for the appointment of a chapter 11 trustee or to convert the cases to chapter 7 cases; the ability of the Company to obtain and maintain normal terms with vendors and service providers; the Company's ability to maintain contracts that are critical to its operations; the potential adverse impact of the chapter 11 cases on the Company's liquidity or results of operations; the ability of the Company to fund and execute its business plan; the ability of the Company to attract, motivate and/or retain key executives and associates; and the ability of the Company to attract and retain customers. Other risk factors are listed from time to time in the Company's SEC reports, including, but not limited to the quarterly report on Form 10-Q for the quarter ended June 30, 2005. Delphi disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Similarly, these and other factors, including the terms of any reorganization plan ultimately confirmed, can affect the value of the Company's various pre-petition liabilities, common stock and/or other equity securities. No assurance can be given as to what values, if any, will be ascribed in the bankruptcy proceedings to each of these constituencies. Accordingly, the Company urges that the appropriate caution be exercised with respect to existing and future investments in any of these liabilities and/or securities.
For more information contact:
Delphi - Media Contacts
Claudia Baucus
Telephone: +1 248.813.2942
Delphi
Lindsey Williams
Telephone: +1 248.813.2528
Delphi
Brad Jackson
Telephone: +1 248.813.6873
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