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
