TROY, Mich., June 26 /PRNewswire/ -- Delphi Corp. (Pink Sheets: DPHIQ)
today provided preliminary acceptance results of the UAW-GM-Delphi Hourly
Special Attrition plan, announced March 22, 2006. Under the provisions of
the plan, approximately 12,600 UAW-represented employees have elected one
of the retirement options available under the plan. Results are preliminary
as employees who signed up within the last 7 days may still revoke their
decision.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020315/DEF002LOGO )
"We are pleased with the strong employee interest in the attrition
plan," said Lindsey Williams, Corporate Affairs Manager, "and appreciate
the leadership and cooperation of the UAW at all levels in communicating
the provisions of the plan. Implementation of this plan, along with the
supplemental UAW-GM-Delphi hourly attrition plan, are important steps in
enabling Delphi to transform its workforce to a competitive labor cost
structure, by accelerating necessary attrition and reducing employee
concerns over the impact of a negotiated consensual resolution."
Williams further stated, "Pending court approval, we expect additional
employees to select options available through the Supplemental
UAW-GM-Delphi Hourly Special Attrition Program announced June 9, 2006,
which allows for buyouts and a pre-retirement program for employees with 26
years or more of credited service."
FORWARD-LOOKING STATEMENT
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 debtor-in-possession
("DIP") financing 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 execute its business plans, including the
transformation plan described in the Company's March 31, 2006 press
release, and to do so in a timely fashion; 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; and the
ability of the company to attract and retain customers. Other risk factors
are listed from time to time in the company's United States Securities and
Exchange Commission reports, including, but not limited to the Annual
Report on Form 10-K for the year ended December 31, 2004, and its most
recent quarterly report on Form 10-Q for the quarter ended September 30,
2005, and current reports on Form 8-K. 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 pre-petition 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 proceedings 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. 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 and as stated in its October 8, 2005, press release
announcing the filing of its Chapter 11 reorganization cases, 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
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
pre-petition liabilities.
SOURCE Delphi Corporation
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Related links:
http://www.delphi.com/media
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20020315/DEF002LOGO
PRN Photo Desk, photodesk@prnewswire.com
http://www.prnewswire.com/comp/076666.html/
CONTACT:
Lindsey Williams, Manager, Corporate Affairs
of Delphi Corporation, +1-248-813-2528 or
lindsey.c.williams@delphi.com
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