sprung nach oben$$

AP
Judge Approves Delphi Plan Changes
Friday December 7, 11:16 am ET
By Vinnee Tong, AP Business Writer  
Bankruptcy Judge Approves Changes to $2.55 Billion Delphi Investment Agreement


NEW YORK (AP) -- A judge in the Delphi bankruptcy case on Friday approved changes to a plan by investors to inject as much as $2.55 billion into the auto parts maker, moving it closer to an exit from court protection.
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Hedge fund Appaloosa Management LP and five other investors would get equity stakes in a reorganized Delphi Corp. They are the lead investors in a plan that is key to the company's ability to emerge from bankruptcy.

The group has twice received the court's approval for different versions of its proposal, and this latest approval was designed to clear the way to a vote on the company's Chapter 11 plan.

Appaloosa founder David Tepper said Thursday, "We made a deal. We're just trying to get it done. We'd like to see this thing come out of bankruptcy, if we can."

The Troy, Mich.-based company had faced opposition to the equity plan from creditors, shareholders and the International Union of Electronic Workers of America, a labor union representing the second largest group of Delphi workers. They had opposed a Nov. 14 proposal that was made to be more favorable to the equity investors led by Appaloosa, at the expense of creditors and current shareholders. But earlier this week, Delphi reached an agreement that cleared the way to the judge's approval.

That agreement, announced Monday, decreased slightly the discount investors will get on new shares, but increased a dividend they will get on preferred shares.

The investor group led by Appaloosa also includes Harbinger Capital Partners Master Fund I Ltd.; Merrill Lynch, Pierce, Fenner & Smith Inc.; UBS Securities LLC; Pardus Capital Management LP, and Goldman Sachs Group Inc.


 

den nächsten tagen/wochen hin geht.
ich bin jedenfalls optimistisch und bleibe investiert...
sollten das mit den investoren klappen sehen wir kurzfristig viel höhere kurse    

Press Releases
Delphi celebrates 10 years and plans further growth in Romania
Release Date: December 07, 2007

Sannicolau Mare, Romania — Delphi organization celebrates 10 years of doing business in Romania, at the same time expanding with the recently announced new diesel engine management system (EMS) components plant in Iasi.

The company has been operating in the country since 1997 when the first plant in Sannicolau Mare was opened. Today, Delphi's two manufacturing Electrical/ Electronic Architecture (EEA) facilities in Sannicolau Mare and Ineu (northwest of Romania) employ collectively 10,000 people.

The anniversary creates a great occasion to summarize achievements and recognize employees who have been with Delphi from the beginning. Special events with personnel in Sannicolau Mare and Ineu took place in early December during which local authorities recognized Delphi for its commitment to development in the region.

"Having worked together for a decade, we built a team of professionals that still has perspective for further growth," said Cristian Gulicska, Delphi Packard EEA Romania Country Director. "We faced numerous challenges and proved that we are ready for further opportunities. From a time perspective, we consider the decision to establish operations in Romania successful."

Delphi's investment criteria for Romania, as for all new regions, were to follow the group's vehicle-maker customers, develop a skilled workforce, use the existing infrastructure and obtain local government support.

Electrical/ Electronic Architecture plant in Sannicolau Mare and Ineu

Delphi started its business in Romania with Electrical and Electronic Distribution Systems (E/EDS) production to support European car production. In 1999, Delphi completed the site development and construction of the second building in Sannicolau Mare. From 8,200 sqm in the beginning, the site was expanded to accommodate more customer programs and has grown to 22,000 sqm today.

The construction of the plant in Ineu began in May 2004. In November 2004, the first finished harness was manufactured. Today, the Delphi plant in Ineu is the main employer in the Arad area.

Delphi plants in Sannicolau Mare and Ineu manufacture Electrical/Electronic Architecture for several European automakers. The plants supply wiring harnesses —body, interior, doors and small harnesses — to customer assembly plants located in Western and Eastern Europe.

Delphi recently announced that its Romanian plants deliver their products for the new Renault Twingo model, having a short delivery time to the automaker's Novo Mesto assembly plant in Slovenia. The wiring system is manufactured under the Kaizen Manufacturing System to ensure best-in-class quality and delivery. Delphi also supplies from Romania the complete Electrical/ Electronic Distribution Systems for the recently introduced Mercedes-Benz C-Class.

Delphi's plants in Romania are committed to being a clean, safe and efficient workplace — offering opportunities for employees at all levels. As everywhere else in the world, Delphi offers career development opportunities, professional internal and external training in an environment based on teamwork.

To ensure the proper quality of the products, car manufacturers have always paid great attention to the quality within the complete supply chain. The common quality "language" in the automotive industry has been established through introduction of ISO/TS 16949 - quality standards agreed to by American, European and Japanese car manufacturers. Both Delphi EEA plants in Romania have already been recertified with ISO/TS 16949.

New Delphi Diesel Systems plant in Iasi

In a move to service its growing customer base, Delphi announced plans in mid-July 2007 to open a new diesel engine management system (EMS) components plant. It has already initiated activities in a leased facility (brownfield) which is a pre-existing industrial site in Iasi where Delphi will begin production of diesel pumps and injectors by the end of 2008.

Delphi has well-developed expansion plans that call for several additional investment projects to launch products specified in new business contracts that have already been awarded. Each of these future multi-million-dollar investment projects is for new buildings, machinery and equipment and will support attainment of long-range planned capacity in Iasi. Subject to Delphi's board of directors supporting future investment projects, Delphi's presence in Iasi, could reach more than 1,000 workers and total investment could exceed 100 million euros.

Currently Delphi is continuing its business plan of starting the brownfield operation. This part of our overall project is on schedule and Delphi is working on the planning for the greenfield. For more information about Delphi, visit http://www.delphi.com/media


For more information contact:

Delphi
Agnieszka Przymusinska
Agnieszka.Przymusinska@delphi.com
48 12 252 10 33
 

08.12.2007 00:13
Delphi can begin bankruptcy vote process
NEW YORK (AP) - Delphi Corp. (Nachrichten) can begin soliciting votes for its plan to exit bankruptcy, the company's lawyer said on Friday, a major step toward letting the auto parts maker proceed with a restructuring that would shed thousands of jobs in plants across the country.

Delphi attorney Jack Butler said bankruptcy judge Robert Drain verbally approved the order on Friday and that if all changes the judge requested meet his requirements, he would enter an order on Monday.

Delphi's reorganization plan includes shrinking its unionized work force to a fraction of its former size and shifting manufacturing overseas.

Its proposal would ultimately eliminate 27,000 of 33,000 union jobs and would sell or close 20 factories across the nation and one in Mexico. Remaining and future workers are left with a two-tier wage structure, with new United Auto Workers members earning wages of $14- to $18.50-an hour, down from $27 per hour.

The company expects to begin sending voting material to about 500,000 creditors Dec. 15 and has scheduled a hearing to begin Jan. 17 to confirm its plan. Unsecured creditors -- who would receive 100 percent on their claims as stock and rights to purchase discounted shares -- have until Jan. 11 to decide.

Once it emerges from court protection, the company ultimately plans to employ 6,000 hourly workers at eight U.S. plants, with another two factories running temporarily. It has pinned its future growth on higher revenue from operations in Europe, Asia and South America.

Delphi's cost cutting while in bankruptcy has attracted some of the biggest names in private equity and hedge funds, some of which may become major investors as the company emerges from court protection.

Drain also approved changes to an agreement for hedge fund Appaloosa Management LP and five other investors to inject up to $2.55 billion into Delphi in exchange for shares in the new company.

The company's investment bankers estimate Delphi's enterprise value in a range between $11.2 billion and $14.1 billion, with stakeholders in the case agreeing to use a value of $13.3 billion for the purposes of the plan.

The investor group led by Appaloosa also includes Harbinger Capital Partners Master Fund I Ltd.; Merrill Lynch, Pierce, Fenner&Smith Inc.; UBS Securities LLC; Pardus Capital Management LP, and Goldman Sachs Group Inc.

Early this year, private equity giant Cerberus Capital Management LP had been part of the equity group but opted to drop out of the deal. Hedge fund Highland Capital Management LP, meanwhile, had pressed to be included in December 2006 and again in July, but both times was rejected in favor of the Appaloosa group.

To help it exit bankruptcy, Delphi also plans to take $6.8 billion in loans, including $5.2 billion to replace its current debtor-in-possession loans. It is still securing agreements for the financing. The hearing that resumed Thursday and continued on Friday had been delayed as the company dealt with the objections and as it seeks exit financing, since credit has become less available amid the subprime mortgage crisis.

Delphi entered bankruptcy under duress from its close ties to the ailing auto industry and because of labor costs that had become burdensome. Its condition worsened after it was spun off from parent company General Motors Corp. in 1999. GM remains its biggest customer, and the automaker was a key stakeholder in negotiations throughout Delphi's case.

Delphi has diversified its customer base in recent years, and last year reported sales of more than $750 million from several major automakers, such as Ford Motor Co., Chrysler LLC, Volkswagen Group, Hyundai and Renault/Nissan Motor Co. Delphi chief restructuring officer John Sheehan said Thursday that the company has been signing up $2 billion in new business each month.

The eight plans that will remain in operation are in: Brookhaven, Miss.; Clinton, Miss.; Grand Rapids, Mich.; Kokomo, Ind.; Lockport, N.Y.; Rochester, N.Y.; Vandalia, Ohio; and Warren, Ohio. Two others will be kept running temporarily; they are in Flint, Mich., and on Needmore Road in Dayton, Ohio. Twenty other U.S. factories and one in Mexico have either been sold, will be sold or have shut down.

Delphi entered bankruptcy protection in October 2005.


Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.







Klicken Sie hier, um weitere aktuelle Nachrichten zum Unternehmen zu finden:

  DELPHI CORPORATION


 

08.12.2007 00:13
Delphi can begin bankruptcy vote process
NEW YORK (AP) - Delphi Corp. (Nachrichten) can begin soliciting votes for its plan to exit bankruptcy, the company's lawyer said on Friday, a major step toward letting the auto parts maker proceed with a restructuring that would shed thousands of jobs in plants across the country.

Delphi attorney Jack Butler said bankruptcy judge Robert Drain verbally approved the order on Friday and that if all changes the judge requested meet his requirements, he would enter an order on Monday.

Delphi's reorganization plan includes shrinking its unionized work force to a fraction of its former size and shifting manufacturing overseas.

Its proposal would ultimately eliminate 27,000 of 33,000 union jobs and would sell or close 20 factories across the nation and one in Mexico. Remaining and future workers are left with a two-tier wage structure, with new United Auto Workers members earning wages of $14- to $18.50-an hour, down from $27 per hour.

The company expects to begin sending voting material to about 500,000 creditors Dec. 15 and has scheduled a hearing to begin Jan. 17 to confirm its plan. Unsecured creditors -- who would receive 100 percent on their claims as stock and rights to purchase discounted shares -- have until Jan. 11 to decide.

Once it emerges from court protection, the company ultimately plans to employ 6,000 hourly workers at eight U.S. plants, with another two factories running temporarily. It has pinned its future growth on higher revenue from operations in Europe, Asia and South America.

Delphi's cost cutting while in bankruptcy has attracted some of the biggest names in private equity and hedge funds, some of which may become major investors as the company emerges from court protection.

Drain also approved changes to an agreement for hedge fund Appaloosa Management LP and five other investors to inject up to $2.55 billion into Delphi in exchange for shares in the new company.

The company's investment bankers estimate Delphi's enterprise value in a range between $11.2 billion and $14.1 billion, with stakeholders in the case agreeing to use a value of $13.3 billion for the purposes of the plan.

The investor group led by Appaloosa also includes Harbinger Capital Partners Master Fund I Ltd.; Merrill Lynch, Pierce, Fenner&Smith Inc.; UBS Securities LLC; Pardus Capital Management LP, and Goldman Sachs Group Inc.

Early this year, private equity giant Cerberus Capital Management LP had been part of the equity group but opted to drop out of the deal. Hedge fund Highland Capital Management LP, meanwhile, had pressed to be included in December 2006 and again in July, but both times was rejected in favor of the Appaloosa group.

To help it exit bankruptcy, Delphi also plans to take $6.8 billion in loans, including $5.2 billion to replace its current debtor-in-possession loans. It is still securing agreements for the financing. The hearing that resumed Thursday and continued on Friday had been delayed as the company dealt with the objections and as it seeks exit financing, since credit has become less available amid the subprime mortgage crisis.

Delphi entered bankruptcy under duress from its close ties to the ailing auto industry and because of labor costs that had become burdensome. Its condition worsened after it was spun off from parent company General Motors Corp. in 1999. GM remains its biggest customer, and the automaker was a key stakeholder in negotiations throughout Delphi's case.

Delphi has diversified its customer base in recent years, and last year reported sales of more than $750 million from several major automakers, such as Ford Motor Co., Chrysler LLC, Volkswagen Group, Hyundai and Renault/Nissan Motor Co. Delphi chief restructuring officer John Sheehan said Thursday that the company has been signing up $2 billion in new business each month.

The eight plans that will remain in operation are in: Brookhaven, Miss.; Clinton, Miss.; Grand Rapids, Mich.; Kokomo, Ind.; Lockport, N.Y.; Rochester, N.Y.; Vandalia, Ohio; and Warren, Ohio. Two others will be kept running temporarily; they are in Flint, Mich., and on Needmore Road in Dayton, Ohio. Twenty other U.S. factories and one in Mexico have either been sold, will be sold or have shut down.

Delphi entered bankruptcy protection in October 2005.


Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.







Klicken Sie hier, um weitere aktuelle Nachrichten zum Unternehmen zu finden:

  DELPHI CORPORATION


 

08.12.2007 00:13
Delphi can begin bankruptcy vote process
NEW YORK (AP) - Delphi Corp. (Nachrichten) can begin soliciting votes for its plan to exit bankruptcy, the company's lawyer said on Friday, a major step toward letting the auto parts maker proceed with a restructuring that would shed thousands of jobs in plants across the country.

Delphi attorney Jack Butler said bankruptcy judge Robert Drain verbally approved the order on Friday and that if all changes the judge requested meet his requirements, he would enter an order on Monday.

Delphi's reorganization plan includes shrinking its unionized work force to a fraction of its former size and shifting manufacturing overseas.

Its proposal would ultimately eliminate 27,000 of 33,000 union jobs and would sell or close 20 factories across the nation and one in Mexico. Remaining and future workers are left with a two-tier wage structure, with new United Auto Workers members earning wages of $14- to $18.50-an hour, down from $27 per hour.

The company expects to begin sending voting material to about 500,000 creditors Dec. 15 and has scheduled a hearing to begin Jan. 17 to confirm its plan. Unsecured creditors -- who would receive 100 percent on their claims as stock and rights to purchase discounted shares -- have until Jan. 11 to decide.

Once it emerges from court protection, the company ultimately plans to employ 6,000 hourly workers at eight U.S. plants, with another two factories running temporarily. It has pinned its future growth on higher revenue from operations in Europe, Asia and South America.

Delphi's cost cutting while in bankruptcy has attracted some of the biggest names in private equity and hedge funds, some of which may become major investors as the company emerges from court protection.

Drain also approved changes to an agreement for hedge fund Appaloosa Management LP and five other investors to inject up to $2.55 billion into Delphi in exchange for shares in the new company.

The company's investment bankers estimate Delphi's enterprise value in a range between $11.2 billion and $14.1 billion, with stakeholders in the case agreeing to use a value of $13.3 billion for the purposes of the plan.

The investor group led by Appaloosa also includes Harbinger Capital Partners Master Fund I Ltd.; Merrill Lynch, Pierce, Fenner&Smith Inc.; UBS Securities LLC; Pardus Capital Management LP, and Goldman Sachs Group Inc.

Early this year, private equity giant Cerberus Capital Management LP had been part of the equity group but opted to drop out of the deal. Hedge fund Highland Capital Management LP, meanwhile, had pressed to be included in December 2006 and again in July, but both times was rejected in favor of the Appaloosa group.

To help it exit bankruptcy, Delphi also plans to take $6.8 billion in loans, including $5.2 billion to replace its current debtor-in-possession loans. It is still securing agreements for the financing. The hearing that resumed Thursday and continued on Friday had been delayed as the company dealt with the objections and as it seeks exit financing, since credit has become less available amid the subprime mortgage crisis.

Delphi entered bankruptcy under duress from its close ties to the ailing auto industry and because of labor costs that had become burdensome. Its condition worsened after it was spun off from parent company General Motors Corp. in 1999. GM remains its biggest customer, and the automaker was a key stakeholder in negotiations throughout Delphi's case.

Delphi has diversified its customer base in recent years, and last year reported sales of more than $750 million from several major automakers, such as Ford Motor Co., Chrysler LLC, Volkswagen Group, Hyundai and Renault/Nissan Motor Co. Delphi chief restructuring officer John Sheehan said Thursday that the company has been signing up $2 billion in new business each month.

The eight plans that will remain in operation are in: Brookhaven, Miss.; Clinton, Miss.; Grand Rapids, Mich.; Kokomo, Ind.; Lockport, N.Y.; Rochester, N.Y.; Vandalia, Ohio; and Warren, Ohio. Two others will be kept running temporarily; they are in Flint, Mich., and on Needmore Road in Dayton, Ohio. Twenty other U.S. factories and one in Mexico have either been sold, will be sold or have shut down.

Delphi entered bankruptcy protection in October 2005.


Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.


 

Delisting könnte kommen d.h die Aktien werden wertlos.

Sicher kann es auch mehrere 100% geben. Aber die letzten
Infos sprechen eher dafür dass die Aktien wertlos werden.

Das ist wohl auch die einzigste Chance aus Chapter11 zu
kommen für Delphi.

Allen Investierten viel Erfolg aber man sollte sich dem
Risiko bewusst sein!

 

wo steht denn das die aktien wertlos werden. das ist doch noch nicht entschieden. ich glaube nicht das die altaktionäre leer ausgehen. ein aktientausch ist denkbar und auch wahrscheinlich.
bei weiteren positiven news sind wesentlich höhere kurse in kürze möglich.  

warum ging es am freitag runter sind fast 10 Prozent

glaubt IHR es wird am Montag weiter runter gehen

 

Grüße 

 

letzte Änderung: 08.12.07  18:06    
Links
Delphi
US-Autozulieferer Delphi erhält Segen für Insolvenzplan
Troy/New York. dpa/baz. Der grösste US-Autozulieferer Delphi ist auf seinem langen Weg aus dem Insolvenzverfahren einen wichtigen Schritt weiter. Ein Gericht in New York gab laut US-Medienberichten dem wegen der Kreditkrise mehrfach überarbeiteten Finanzplan des Unternehmens grünes Licht. Der Rettungsplan muss nun von den Gläubigern abgesegnet werden. Delphis Ziel sei es, bis Ende Februar das mittlerweile mehr als zwei Jahre laufende Insolvenzverfahren verlassen zu können, berichteten amerikanische Zeitungen am Samstag.

Vor einem erfolgreichen Neuanfang müsse Delphi noch Kredite in einer Höhe von 6,8 Milliarden Dollar refinanzieren. Zu den grössten Kreditgebern zählt der US-Autobauer General Motors, dessen einstige Zuliefersparte Delphi ist. Laut bisherigen Plänen will das Unternehmen spätestens 2009 schwarze Zahlen schreiben. Delphi beschäftigt heute rund 18'500 Mitarbeiter und halbierte während des Insolvenzverfahrens seine Belegschaft fast. Weitere Stellenstreichungen sind den Berichten zufolge geplant.

Anzeige

 

Delphi gets nod for its plan to exit bankruptcy
AP
Published: December 09, 2007, 00:23


New York: Delphi can begin soliciting votes for its plan to exit bankruptcy, the company's lawyer said on Friday, a major step toward letting the auto parts maker proceed with a restructuring that would shed thousands of jobs in plants across the country.

Delphi attorney Jack Butler said bankruptcy judge Robert Drain verbally approved the order on Friday and that if all changes the judge requested meet his requirements, he would enter an order on Monday.

Delphi's reorganisation plan includes shrinking its unionised work force to a fraction of its former size and shifting manufacturing overseas.

Job shedding


--------------------------------------------------



--------------------------------------------------


Its proposal would ultimately eliminate 27,000 of 33,000 union jobs and would sell or close 20 factories across the nation and one in Mexico. Remaining and future workers are left with a two-tier wage structure, with new United Auto Workers members earning wages of $14 to $18.50 an hour, down from $27 (18.43 euros) per hour.

The company expects to begin sending voting material to about 500,000 creditors on December 15 and has scheduled a hearing to begin on January 17 to confirm its plan. Unsecured creditors - who would receive 100 per cent on their claims as stock and rights to purchase discounted shares - have until January 11 to decide.

Once it emerges from court protection, the company plans to employ 6,000 hourly workers at eight US plants, with another two factories running temporarily. It has pinned its future growth on higher revenue from operations in Europe, Asia and South America. Delphi's cost cutting while in bankruptcy has attracted some of the biggest names in private equity and hedge funds

 

09.12.2007 16:52
ROUNDUP: US-Autozulieferer Delphi erhält Gerichtsgenehmigung für Insolvenzplan
Der größte US-Autozulieferer Delphi (Nachrichten) ist auf seinem langen Weg aus dem Insolvenzverfahren einen wichtigen Schritt weiter. Ein Gericht in New York gab laut US-Medienberichten dem wegen der Kreditkrise mehrfach überarbeiteten Finanzplan des Unternehmens grünes Licht. Der Rettungsplan muss nun von den Gläubigern abgesegnet werden.

Delphis Ziel sei es, bis Ende Februar das mittlerweile mehr als zwei Jahre laufende Insolvenzverfahren verlassen zu können, berichteten amerikanische Zeitungen am Wochenende. Das Unternehmen mit Sitz in Troy (Michigan) könne die Unterlagen zur Abstimmung ab nächsten Freitag versenden. Dann laufe eine Frist bis 11. Januar.

Vor einem erfolgreichen Neuanfang müsse Delphi noch Kredite in einer Höhe von 6,8 Milliarden Dollar (4,6 Mrd Euro) refinanzieren. Darüber hatte es mit den größten Gläubigern immer wieder Streit gegeben. Die Finanzmarktkrise erschwerte die Gespräche massiv. Insgesamt habe Delphi rund eine halbe Million Gläubiger, hieß es.

Zu den größten Kreditgebern zählt der US-Autobauer General Motors, dessen einstige Zuliefersparte Delphi ist. Laut bisherigen Plänen will das Unternehmen spätestens 2009 schwarze Zahlen schreiben. Delphi beschäftigt heute rund 18 500 Mitarbeiter und halbierte während des Insolvenzverfahrens seine Belegschaft fast. Weitere Stellenstreichungen sind den Berichten zufolge geplant./fd/DP/fj

ISIN US2471261055

AXC0030 2007-12-09/16:50



 

sieht gut aus. wenn heute die amis aufmachen gibt es nach den news einen weiteren schub nach oben ...  

ist wohl nicht so wirklich eingetroffenm, wie?

Ich rechne eher damit, dass sie auf 10cent fällt, bevor das Ding mal dauerhaft über 20 steigt.
Aber die Hoffnung hält...

 

Delphi agrees to sell global steering business
Mon Dec 10, 2007 10:53pm EST  Email | Print | Share| Reprints | Single Page | Recommend (0) [-] Text [+]
 
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¥ € $ - Learn. Practice. Trade.NEW YORK (Reuters) - Bankrupt auto-parts maker Delphi Corp. (DPHIQ.PK: Quote, Profile, Research) said on Monday that it had signed a master sale and purchase agreement with Steering Solutions Corp., a unit of Platinum Equity LLC, for the sale of its global steering and halfshaft businesses.

Delphi also entered into a transaction facilitation agreement for its former parent, General Motors Corp (GM.N: Quote, Profile, Research), to make certain commitments to Delphi in connection with the sale.

Delphi filed a motion with the U.S. Bankruptcy Court in Manhattan asking the court to approve the master purchase and sale agreement as well as the GM transaction, and requested a bidding procedures hearing on December 20.

Under U.S. bankruptcy rules, parties interested in buying the businesses would be allowed to submit a binding bid. If Delphi receives qualified bids it would hold an auction and award the steering and halfshaft business to the best bid.

Delphi expects a final sale hearing in February.

The final sale of Delphi's global steering and halfshaft businesses and the transaction facilitation agreement are subject to the approval of the U.S. Bankruptcy Court.

(Reporting by Ilaina Jonas, editing by Jacqueline Wong)

 

Delphi agrees to sell global steering business
Mon Dec 10, 2007 10:53pm EST  Email | Print | Share| Reprints | Single Page | Recommend (0) [-] Text [+]
 
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¥ € $ - Learn. Practice. Trade.NEW YORK (Reuters) - Bankrupt auto-parts maker Delphi Corp. (DPHIQ.PK: Quote, Profile, Research) said on Monday that it had signed a master sale and purchase agreement with Steering Solutions Corp., a unit of Platinum Equity LLC, for the sale of its global steering and halfshaft businesses.

Delphi also entered into a transaction facilitation agreement for its former parent, General Motors Corp (GM.N: Quote, Profile, Research), to make certain commitments to Delphi in connection with the sale.

Delphi filed a motion with the U.S. Bankruptcy Court in Manhattan asking the court to approve the master purchase and sale agreement as well as the GM transaction, and requested a bidding procedures hearing on December 20.

Under U.S. bankruptcy rules, parties interested in buying the businesses would be allowed to submit a binding bid. If Delphi receives qualified bids it would hold an auction and award the steering and halfshaft business to the best bid.

Delphi expects a final sale hearing in February.

The final sale of Delphi's global steering and halfshaft businesses and the transaction facilitation agreement are subject to the approval of the U.S. Bankruptcy Court.

(Reporting by Ilaina Jonas, editing by Jacqueline Wong)

 

Delphi agrees to sell global steering business
Mon Dec 10, 2007 10:53pm EST  Email | Print | Share| Reprints | Single Page | Recommend (0) [-] Text [+]
 
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¥ € $ - Learn. Practice. Trade.NEW YORK (Reuters) - Bankrupt auto-parts maker Delphi Corp. (DPHIQ.PK: Quote, Profile, Research) said on Monday that it had signed a master sale and purchase agreement with Steering Solutions Corp., a unit of Platinum Equity LLC, for the sale of its global steering and halfshaft businesses.

Delphi also entered into a transaction facilitation agreement for its former parent, General Motors Corp (GM.N: Quote, Profile, Research), to make certain commitments to Delphi in connection with the sale.

Delphi filed a motion with the U.S. Bankruptcy Court in Manhattan asking the court to approve the master purchase and sale agreement as well as the GM transaction, and requested a bidding procedures hearing on December 20.

Under U.S. bankruptcy rules, parties interested in buying the businesses would be allowed to submit a binding bid. If Delphi receives qualified bids it would hold an auction and award the steering and halfshaft business to the best bid.

Delphi expects a final sale hearing in February.

The final sale of Delphi's global steering and halfshaft businesses and the transaction facilitation agreement are subject to the approval of the U.S. Bankruptcy Court.

(Reporting by Ilaina Jonas, editing by Jacqueline Wong)

 

SOURCE: Delphi Corporation
   
Dec 10, 2007 21:41 ET
Delphi Signs Master Sale Agreement for Its Global Steering and Halfshaft Business -- Files Motion to Request Hearing With U.S. Bankruptcy Court
Steering Solutions Corporation, a Wholly Owned Entity of Platinum Equity, LLC, Is Named Lead Bidder in the Sale of Delphi Corporation's Global Steering Division

TROY, MI--(Marketwire - December 10, 2007) - Delphi Corporation (PINKSHEETS: DPHIQ) has entered into a master sale and purchase agreement with Steering Solutions Corporation, a wholly owned entity of Platinum Equity, LLC, for the sale of its global steering and halfshaft businesses. In addition to the master sale and purchase agreement, Delphi has simultaneously entered into a transaction facilitation agreement pursuant to which GM is making certain commitments to Delphi in connection with the sale.

Pursuant to the requirements of the Bankruptcy Code, Delphi filed a motion with the U.S. Bankruptcy Court for the Southern District of New York seeking approval of the master purchase and sale agreement and the GM transaction facilitation agreement and requesting a bidding procedures hearing on Dec. 20, 2007. Following entry of an order approving bidding procedures, parties interested in purchasing Delphi's global steering and halfshaft business would have an opportunity to submit a binding bid. If Delphi receives any qualified bids for its steering and halfshaft business, it would conduct an auction and sell the steering and halfshaft business to the party submitting the highest or otherwise best bid.

Following the completion of the bidding procedures process, a final sale hearing is anticipated to occur in February 2008. The final sale of Delphi's global steering and halfshaft businesses and the transaction facilitation agreement are subject to the approval of the U.S. Bankruptcy Court.

As outlined in the court filing, the master sale and purchase agreement covers the sale of substantially all of Delphi's global steering and halfshaft businesses, including manufacturing operations, intellectual property, customer and supplier contracts, and interests in joint ventures as well as the transfer of the global employee team to the new company. It is anticipated that the senior leadership of the global business will also transfer to the buyer. All parties remain committed to ensuring a smooth transition for all customers.

For more information on today's court filing, go to www.delphidocket.com. To learn more about Delphi, go to www.delphi.com, or about Platinum Equity, go to www.platinumequity.com.

FORWARD-LOOKING STATEMENT

This press release, as well as other statements made by Delphi may contain forward-looking statements 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. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue," the negative of these terms and other comparable terminology. 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 debtor-in-possession financing facility and to obtain an extension of term or other amendments as necessary to maintain access to such facility; the terms of any reorganization plan ultimately confirmed; the Company's ability to obtain Court approval with respect to motions in the chapter 11 cases prosecuted by it from time to time; the ability of the Company to prosecute, confirm and consummate one or more plans of reorganization with respect to the chapter 11 cases; the Company's ability to satisfy the terms and conditions of the EPCA; 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 (including the transformation plan described in its periodic filings with the SEC and its filings with the Bankruptcy Court) and to do so in a timely manner; the ability of the Company to attract, motivate and/or retain key executives and associates; the ability of the Company to avoid or continue to operate during a strike, or partial work stoppage or slow down by any of its unionized employees or those of its principal customers and the ability of the Company to attract and retain customers. Additional factors that could affect future results are identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2006, including the risk factors in Part I. Item 1A. Risk Factors, contained therein and the Company's quarterly periodic reports for the subsequent periods, including the risk factors in Part II. Item 1A. Risk Factors, contained therein, filed with the SEC. Delphi disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events and/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 prepetition liabilities, common stock and/or other equity securities. Additionally, no assurance can be given as to what values, if any, will be ascribed in the bankruptcy cases to each of these constituencies. A plan of reorganization could result in holders of Delphi's common stock receiving no distribution on account of their interest and cancellation of their interests. In addition, under certain conditions specified in the Bankruptcy Code, a plan of reorganization may be confirmed notwithstanding its rejection by an impaired class of creditors or equity holders and notwithstanding the fact that equity holders do not receive or retain property on account of their equity interests under the plan. In light of the foregoing, the Company considers the value of the common stock to be highly speculative and cautions equity holders that the stock may ultimately be determined to have little or no value. Accordingly, the Company urges that appropriate caution be exercised with respect to existing and future investments in Delphi's common stock or other equity interests or any claims relating to prepetition liabilities.

 

SOURCE: Delphi Corporation
   
Dec 10, 2007 21:41 ET
Delphi Signs Master Sale Agreement for Its Global Steering and Halfshaft Business -- Files Motion to Request Hearing With U.S. Bankruptcy Court
Steering Solutions Corporation, a Wholly Owned Entity of Platinum Equity, LLC, Is Named Lead Bidder in the Sale of Delphi Corporation's Global Steering Division

TROY, MI--(Marketwire - December 10, 2007) - Delphi Corporation (PINKSHEETS: DPHIQ) has entered into a master sale and purchase agreement with Steering Solutions Corporation, a wholly owned entity of Platinum Equity, LLC, for the sale of its global steering and halfshaft businesses. In addition to the master sale and purchase agreement, Delphi has simultaneously entered into a transaction facilitation agreement pursuant to which GM is making certain commitments to Delphi in connection with the sale.

Pursuant to the requirements of the Bankruptcy Code, Delphi filed a motion with the U.S. Bankruptcy Court for the Southern District of New York seeking approval of the master purchase and sale agreement and the GM transaction facilitation agreement and requesting a bidding procedures hearing on Dec. 20, 2007. Following entry of an order approving bidding procedures, parties interested in purchasing Delphi's global steering and halfshaft business would have an opportunity to submit a binding bid. If Delphi receives any qualified bids for its steering and halfshaft business, it would conduct an auction and sell the steering and halfshaft business to the party submitting the highest or otherwise best bid.

Following the completion of the bidding procedures process, a final sale hearing is anticipated to occur in February 2008. The final sale of Delphi's global steering and halfshaft businesses and the transaction facilitation agreement are subject to the approval of the U.S. Bankruptcy Court.

As outlined in the court filing, the master sale and purchase agreement covers the sale of substantially all of Delphi's global steering and halfshaft businesses, including manufacturing operations, intellectual property, customer and supplier contracts, and interests in joint ventures as well as the transfer of the global employee team to the new company. It is anticipated that the senior leadership of the global business will also transfer to the buyer. All parties remain committed to ensuring a smooth transition for all customers.

For more information on today's court filing, go to www.delphidocket.com. To learn more about Delphi, go to www.delphi.com, or about Platinum Equity, go to www.platinumequity.com.

FORWARD-LOOKING STATEMENT

This press release, as well as other statements made by Delphi may contain forward-looking statements 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. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue," the negative of these terms and other comparable terminology. 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 debtor-in-possession financing facility and to obtain an extension of term or other amendments as necessary to maintain access to such facility; the terms of any reorganization plan ultimately confirmed; the Company's ability to obtain Court approval with respect to motions in the chapter 11 cases prosecuted by it from time to time; the ability of the Company to prosecute, confirm and consummate one or more plans of reorganization with respect to the chapter 11 cases; the Company's ability to satisfy the terms and conditions of the EPCA; 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 (including the transformation plan described in its periodic filings with the SEC and its filings with the Bankruptcy Court) and to do so in a timely manner; the ability of the Company to attract, motivate and/or retain key executives and associates; the ability of the Company to avoid or continue to operate during a strike, or partial work stoppage or slow down by any of its unionized employees or those of its principal customers and the ability of the Company to attract and retain customers. Additional factors that could affect future results are identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2006, including the risk factors in Part I. Item 1A. Risk Factors, contained therein and the Company's quarterly periodic reports for the subsequent periods, including the risk factors in Part II. Item 1A. Risk Factors, contained therein, filed with the SEC. Delphi disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events and/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 prepetition liabilities, common stock and/or other equity securities. Additionally, no assurance can be given as to what values, if any, will be ascribed in the bankruptcy cases to each of these constituencies. A plan of reorganization could result in holders of Delphi's common stock receiving no distribution on account of their interest and cancellation of their interests. In addition, under certain conditions specified in the Bankruptcy Code, a plan of reorganization may be confirmed notwithstanding its rejection by an impaired class of creditors or equity holders and notwithstanding the fact that equity holders do not receive or retain property on account of their equity interests under the plan. In light of the foregoing, the Company considers the value of the common stock to be highly speculative and cautions equity holders that the stock may ultimately be determined to have little or no value. Accordingly, the Company urges that appropriate caution be exercised with respect to existing and future investments in Delphi's common stock or other equity interests or any claims relating to prepetition liabilities.

 

SOURCE: Delphi Corporation
   
Dec 10, 2007 21:41 ET
Delphi Signs Master Sale Agreement for Its Global Steering and Halfshaft Business -- Files Motion to Request Hearing With U.S. Bankruptcy Court
Steering Solutions Corporation, a Wholly Owned Entity of Platinum Equity, LLC, Is Named Lead Bidder in the Sale of Delphi Corporation's Global Steering Division

TROY, MI--(Marketwire - December 10, 2007) - Delphi Corporation (PINKSHEETS: DPHIQ) has entered into a master sale and purchase agreement with Steering Solutions Corporation, a wholly owned entity of Platinum Equity, LLC, for the sale of its global steering and halfshaft businesses. In addition to the master sale and purchase agreement, Delphi has simultaneously entered into a transaction facilitation agreement pursuant to which GM is making certain commitments to Delphi in connection with the sale.

Pursuant to the requirements of the Bankruptcy Code, Delphi filed a motion with the U.S. Bankruptcy Court for the Southern District of New York seeking approval of the master purchase and sale agreement and the GM transaction facilitation agreement and requesting a bidding procedures hearing on Dec. 20, 2007. Following entry of an order approving bidding procedures, parties interested in purchasing Delphi's global steering and halfshaft business would have an opportunity to submit a binding bid. If Delphi receives any qualified bids for its steering and halfshaft business, it would conduct an auction and sell the steering and halfshaft business to the party submitting the highest or otherwise best bid.

Following the completion of the bidding procedures process, a final sale hearing is anticipated to occur in February 2008. The final sale of Delphi's global steering and halfshaft businesses and the transaction facilitation agreement are subject to the approval of the U.S. Bankruptcy Court.

As outlined in the court filing, the master sale and purchase agreement covers the sale of substantially all of Delphi's global steering and halfshaft businesses, including manufacturing operations, intellectual property, customer and supplier contracts, and interests in joint ventures as well as the transfer of the global employee team to the new company. It is anticipated that the senior leadership of the global business will also transfer to the buyer. All parties remain committed to ensuring a smooth transition for all customers.

For more information on today's court filing, go to www.delphidocket.com. To learn more about Delphi, go to www.delphi.com, or about Platinum Equity, go to www.platinumequity.com.

FORWARD-LOOKING STATEMENT

This press release, as well as other statements made by Delphi may contain forward-looking statements 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. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue," the negative of these terms and other comparable terminology. 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 debtor-in-possession financing facility and to obtain an extension of term or other amendments as necessary to maintain access to such facility; the terms of any reorganization plan ultimately confirmed; the Company's ability to obtain Court approval with respect to motions in the chapter 11 cases prosecuted by it from time to time; the ability of the Company to prosecute, confirm and consummate one or more plans of reorganization with respect to the chapter 11 cases; the Company's ability to satisfy the terms and conditions of the EPCA; 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 (including the transformation plan described in its periodic filings with the SEC and its filings with the Bankruptcy Court) and to do so in a timely manner; the ability of the Company to attract, motivate and/or retain key executives and associates; the ability of the Company to avoid or continue to operate during a strike, or partial work stoppage or slow down by any of its unionized employees or those of its principal customers and the ability of the Company to attract and retain customers. Additional factors that could affect future results are identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2006, including the risk factors in Part I. Item 1A. Risk Factors, contained therein and the Company's quarterly periodic reports for the subsequent periods, including the risk factors in Part II. Item 1A. Risk Factors, contained therein, filed with the SEC. Delphi disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events and/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 prepetition liabilities, common stock and/or other equity securities. Additionally, no assurance can be given as to what values, if any, will be ascribed in the bankruptcy cases to each of these constituencies. A plan of reorganization could result in holders of Delphi's common stock receiving no distribution on account of their interest and cancellation of their interests. In addition, under certain conditions specified in the Bankruptcy Code, a plan of reorganization may be confirmed notwithstanding its rejection by an impaired class of creditors or equity holders and notwithstanding the fact that equity holders do not receive or retain property on account of their equity interests under the plan. In light of the foregoing, the Company considers the value of the common stock to be highly speculative and cautions equity holders that the stock may ultimately be determined to have little or no value. Accordingly, the Company urges that appropriate caution be exercised with respect to existing and future investments in Delphi's common stock or other equity interests or any claims relating to prepetition liabilities.

 

02.01.2008 21:31
TRW Completes Purchase of Certain North American Braking Machining and Module Assembly Assets from Delphi
LIVONIA, Mich., Jan. 2 /PRNewswire-FirstCall/ -- TRW Automotive Holdings Corp. (News) announced today that its subsidiary, TRW Integrated Chassis Systems LLC, completed the purchase of a portion of Delphi Corporation' (News) s North American brake component machining and module assembly assets, including production inventory, for approximately $40 million. In addition to the asset purchase, the Company has leased a portion of Delphi's former brake manufacturing facility in Saginaw, Michigan and commenced employment of hourly and salaried employees at the site. In conjunction with the asset purchase, TRW is supplying General Motors with a portion of the business, predominantly braking modules, formerly supplied by Delphi at the Saginaw facility.

 (Logo: http://www.newscom.com/cgi-bin/prnh/20010824/TRWLOGO )

 About TRW
With 2006 sales of $13.1 billion, TRW Automotive ranks among the world's leading automotive suppliers. Headquartered in Livonia, Michigan, USA, the Company, through its subsidiaries, operates in 28 countries and employs approximately 63,800 people worldwide. TRW Automotive products include integrated vehicle control and driver assist systems, braking systems, steering systems, suspension systems, occupant safety systems (seat belts and airbags), electronics, engine components, fastening systems and aftermarket replacement parts and services. All references to "TRW Automotive", "TRW" or the "Company" in this press release refer to TRW Automotive Holdings Corp. and its subsidiaries, unless otherwise indicated. TRW Automotive news is available on the internet at http://www.trw.com/.

Forward-Looking Statements

This release contains statements that are not statements of historical fact, but instead are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve risks and uncertainties. Our actual results could differ materially from those contained in forward-looking statements made in this release. Such risks, uncertainties and other important factors which could cause our actual results to differ materially from those contained in our forward-looking statements are set forth in our Report on Form 10-K for the fiscal year ended December 31, 2006 (the "10-K") and our Forms 10-Q for the quarters ended March 30, June 29 and September 28, 2007, and include: our ability to successfully operate the Saginaw facility; production cuts or restructuring by our major customers; work stoppages or other labor issues at the facilities of our customers or suppliers; non-performance by, or insolvency of, our suppliers and customers, which may be exacerbated by bankruptcies and other pressures within the automotive industry; the inability of our suppliers to deliver products at the scheduled rate and disruptions arising in connection therewith; interest rate risk arising from our variable rate indebtedness; loss of market share by domestic vehicle manufacturers; efforts by our customers to consolidate their supply base; severe inflationary pressures impacting the market for commodities; escalating pricing pressures from our customers; our dependence on our largest customers; fluctuations in foreign exchange rates; our substantial leverage; product liability and warranty and recall claims and efforts by customers to alter terms and conditions concerning warranty and recall participation; limitations on flexibility in operating our business contained in our debt agreements; the possibility that our owners' interests will conflict with ours and other risks and uncertainties set forth under "Risk Factors" in the 10-K and in our other SEC filings. We do not intend or assume any obligation to update any of these forward-looking statements.

Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010824/TRWLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com




 

04.01.2008 14:58
Autonet Mobile and Delphi to Explore New Internet Based Telematics and In-Car Entertainment Products
Autonet Mobile and Delphi (News) today announced they will explore new Telematics and in-car entertainment products that will bring the power of the Internet to the car. By leveraging Delphi's leadership in automotive electronics and Autonet Mobile's TRU-Technology, passengers will enjoy seamless Internet connectivity and enjoy a vast array of available Internet media services while traveling in their car.

In addition to offering the first wireless broadband network where multiple passengers can check email, chat, surf the web, game or communicate via any WiFi-enabled device, Autonet Mobile will also be demonstrating at CES new product features that allow passengers to store personalized content including movies, television shows, music and online games on their in-car WiFi router. Consumers can access their personalized stored content via the unit's simple user interface from any wireless device including gaming consoles, media players, laptops, WiFi enabled cell phones or web tablets.

“This is all about making in-car entertainment exciting again. We are delighted to be working with Delphi, a leader in automotive electronics, to deliver entertainment and content to the car and allow families to access the Internet while on the road,“ said Sterling Pratz, CEO of Autonet Mobile. “Over the last year, automotive manufacturers have recognized that consumers want to share, store and access entertainment and data in their cars. And now adults and teens have the ability to bring personalized entertainment and content with them into the backseat.“

Optimized for the in-car experience Autonet Mobile turns the car into a secure mobile hotspot and is effective on more than 95 percent of U.S. roadways. Autonet Mobile's patent pending TRU-Technology enables seamless Internet access so that passengers stay connected while driving. TRU-Technology provides intelligent, dynamic session management between high/low speed networks, producing a reliable user experience. Autonet Mobile ensures a secure, broadband-level connection to any WiFi-enabled device within close proximity to the vehicle.

About Delphi

For more information on Delphi, please visit www.delphi.com.

About Autonet Mobile

Autonet Mobile is the world's first in-car Internet service provider. Founded by a corporate executive and former race car driver and a leading network architect and designer, the company is dedicated to enhancing the in-car experience, by bringing a rich, networked multimedia experience to the 200+ million cars on the road in the U.S. Autonet Mobile currently provides Avis Rent a Car with the Avis Connect service and is continuing to roll out the service nationwide. For more information about Autonet Mobile visit www.autonetmobile.com.

CES press kit available at: www.virtualpressoffice.com/kit/autonet.




 

Jan 07, 2008 07:00 ET
Delphi Providing Active Safety Technologies for European Automaker on Several Models
LAS VEGAS, NV--(Marketwire - January 7, 2008) - Delphi Corp. (PINKSHEETS: DPHIQ) announced at the 2008 International Consumer Electronics Show that it is supplying an innovative active safety system for the several new models for a prominent European automaker. Delphi is providing adaptive cruise control and collision mitigation with automatic braking technologies for these vehicles. Delphi is showcasing the system at its exhibit #5206 at the Las Vegas Convention Center, North Hall.

"Delphi has reached another milestone in the evolution of providing safety systems with the introduction of the new collision detection system," said Beth Schwarting, executive in charge of Delphi's Safety product business unit. "Delphi is helping to take vehicle safety to the next level with these cutting-edge systems."

The system uses unique data fusion algorithms that combine the inputs from radar and vision sensors to increase road safety with seamless driver support. The system provides Adaptive Cruise Control and Collision Warning with Auto Brake functions enhanced by Collision Mitigation by Braking. The vision system also provides Lane Departure Warning and Driver Alert.

"We are excited to work with vehicle manufacturers to help them implement active safety," said Heiko Rother, product line manager for the Delphi Europe Safety product business unit. "Early adoption of these technologies helps make them safety trend-setters."

ACC helps drivers maintain speed and following distance in nearly all driving conditions. It also serves as the platform for other safety systems like collision warning and mitigation. Delphi's radar sensor continuously measures the distance to vehicles ahead and automatically adjusts the speed of the vehicle to help maintain a driver-selected "gap" from the vehicle in front of them to enhance safety. The driver activates the cruise control, setting the desired maximum speed -- beginning at 20 mph -- and chooses the minimum time interval to the vehicle ahead.

Collision Warning with Auto Brake works in concert with the ACC to help avoid rear-ending other vehicles or helps to minimize their effect. Visual and audible warnings are provided to the driver if the system senses a possible collision as the vehicle approaches another moving or stationary vehicle from the rear. If the risk of a collision increases, despite the warning, brake support is activated and the brake pads move against the discs in anticipation of a hard stop. The brake pressure is also reinforced hydraulically, ensuring effective braking irrespective of the pressure applied to the brake pedal. If the system senses that the collision is imminent, Auto Brake is activated to automatically brake the car, thus further helping to reduce collision forces.

Lane departure warning gives the driver an audible warning that they have drifted out of their respective lane. The driver alert system warns the driver through an audible signal of impending collisions.

Delphi first introduced its adaptive cruise control in 1999 and has worked with automakers on the development of active safety systems for several years.

For more information about Delphi and its subsidiaries, visit Delphi's media room at www.delphi.com/media.

FORWARD-LOOKING STATEMENTS

This press release, as well as other statements made by Delphi may contain forward-looking statements 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. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue," the negative of these terms and other comparable terminology. 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 debtor-in-possession financing facility and to obtain an extension of term or other amendments as necessary to maintain access to such facility; the terms of any reorganization plan ultimately confirmed; the Company's ability to obtain Court approval with respect to motions in the chapter 11 cases prosecuted by it from time to time; the ability of the Company to prosecute, confirm and consummate one or more plans of reorganization with respect to the chapter 11 cases; the Company's ability to satisfy the terms and conditions of the EPCA; 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 (including the transformation plan described in its filings with the SEC and the Bankruptcy Court. and to do so in a timely manner; the ability of the Company to attract, motivate and/or retain key executives and associates; the ability of the Company to avoid or continue to operate during a strike, or partial work stoppage or slow down by any of its unionized employees or those of its principal customers and the ability of the Company to attract and retain customers. Additional factors that could affect future results are identified in the Company's Annual Report on Form 10-K for the year ended December 31, 2006, including the risk factors in Part I. Item 1A. Risk Factors, contained therein and the Company's quarterly periodic reports for the subsequent periods, including the risk factors in Part II. Item 1A. Risk Factors, contained therein, filed with the SEC. Delphi disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events and/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 prepetition liabilities, common stock and/or other equity securities. Additionally, no assurance can be given as to what values, if any, will be ascribed in the bankruptcy cases to each of these constituencies. A plan of reorganization could result in holders of Delphi's common stock receiving no distribution on account of their interest and cancellation of their interests. In addition, under certain conditions specified in the Bankruptcy Code, a plan of reorganization may be confirmed notwithstanding its rejection by an impaired class of creditors or equity holders and notwithstanding the fact that equity holders do not receive or retain property on account of their equity interests under the plan. In light of the foregoing, the Company considers the value of the common stock to be highly speculative and cautions equity holders that the stock may ultimately be determined to have little or no value. Accordingly, the Company urges that appropriate caution be exercised with respect to existing and future investments in Delphi's common stock or other equity interests or any claims relating to prepetition liabilities.

 

08.01.2008 00:10
Delphi Expands VaST Agreement to Support Automotive Systems Virtualization
VaST Systems, the leader in electronics virtualization, today announced that Delphi Corp (News) . (PINKSHEETS:DPHIQ) has expanded its contract with VaST to supply virtualization solutions.

Delphi Electronics&Safety Division uses VaST's solutions to help develop electronic control unit (ECU) software. VaST helps Delphi develop software without requiring hardware prototypes. The use of VaST virtualization solutions can bring deeper visibility and controllability to the software design process helping to net higher quality products.

"Automotive electronic systems are experiencing exponential growth in software complexity with the growing expectation of improving product quality," said Frank Winters, Delphi Electronics&Safety manager of design methodology. "VaST's solutions help Delphi manage complexity."

"Delphi is a leader in automotive electronics and a key customer in one of our most important market segments. Delphi's use of VaST solutions is indicative of an industry trend toward virtualized electronic system development. We are extremely pleased to provide Delphi with solutions that help them extend their leadership by delivering superior, differentiated products," said Jeff Roane, vice president of marketing at VaST.

About VaST

VaST drives electronics virtualization. VaST fundamentally changes the electronics industry by breaking the dependency on hardware prototypes. With VaST virtualization electronics companies develop software before hardware, enable early software development by ecosystem partners, and cut time-to-market by 8 months or more.

Current customers include worldwide leaders in automotive, consumer, and wireless. VaST is headquartered in Sunnyvale, California with sales and support offices worldwide. For more information, visit www.vastsystems.com.





 

Shanghai Delphi Automotive Air Conditioning Systems Co. (SDAAC), China's largest auto air conditioning system supplier, has signed a three-way joint venture deal with two partners in Beijing. The new factory to be built will have an annual capacity of 200,000 auto air conditioners, local media Auto Weekly reported yesterday.

Under the agreement signed on December 28, 2007, Shanghai Delphi will hold a 51 stake in the joint venture while Beijing Automotive Industry Holding Corp (BAIC) or Beiqi will hold a 40 stake and a local auto parts supplier Beijing Guanghua Shiyuan Co will hold the remaining 9 percent.

"Delphi will bring its state-of-art technology in automotive parts manufacturing and management expertise to the joint venture," said Scott Graham, director of Asian-Pacific Operations of Delphi, adding that Beiqi has better understanding and networks in the local market.

This is also the 8th tie-up that  Beiqi has reached in auto parts business in 2007. The state-run automaker has been striving to establish its own parts supplying network. During the past year, Beiqi has signed eight joint venture contracts with other players, like Delphi and Lear Corp.



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