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Delphi Announces Deferral of Disclosure Statement and Plan Investment Agreement Amendment Hearings


TROY, Mich. - Delphi Corp. (OTC:DPHIQ) announced that it has asked the U.S. Bankruptcy Court for the Southern District of New York to adjourn until later this month a hearing currently scheduled for Nov. 8 to consider potential amendments to its Joint Plan of Reorganization and related Disclosure Statement as well as a proposed amendment to the Company’s Investment Agreement. The purpose of the adjournment is to continue discussions with Delphi’s Statutory Committees, both of which filed objections on Nov. 2 to the Disclosure Statement and Investment Agreement amendment approval motions, and other stakeholders, some of which also filed objections. The adjournment is also required because Delphi does not currently believe that all of the conditions to the effectiveness of the Investment Agreement amendment will be satisfied prior to the scheduled commencement of the Nov. 8 hearing. Delphi continues to expect that it will emerge from chapter 11 during the first quarter of 2008.

Delphi’s Chapter 11 cases were filed on Oct. 8, 2005, in the United States Bankruptcy Court for the Southern District of New York and were assigned to the Honorable Robert D. Drain under lead case number 05-44481 (RDD).

The Adequacy Hearing for the Disclosure Statement began on Oct. 3, 2007 and is scheduled to continue on Nov. 8, 2007. The brief adjournment allowed Delphi to continue to negotiate potential Plan of Reorganization (POR) amendments with key stakeholders, make appropriate amendments to both the GM settlement documentation and the Equity Purchase Commitment Agreement (EPCA), and continue discussions with potential exit lenders. Approval of the Disclosure Statement and related voting solicitation procedures permits the company to solicit acceptances of the proposed Plan of Reorganization later this year and seek confirmation of the Joint Plan of Reorganization by the Bankruptcy Court during the first quarter of 2008.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

More information on Delphi’s U.S. restructuring and access to court documents, including all of the documents referenced in this press release and other general information about the Chapter 11 cases, is available at Information on the case can also be obtained on the Bankruptcy Court’s website with Pacer registration: For more information about Delphi and its operating subsidiaries, visit Delphi’s website at


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