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
