TROY, Mich., July 24 /PRNewswire/ -- Delphi Corporation has announced
it has retained Rothschild Inc. to explore potential sale opportunities for
Delphi's Cockpits & Interior Systems and Integrated Closure Systems
businesses.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020315/DEF002LOGO )
Delphi's Cockpits & Interior Systems business line is the third-largest
producer of instrument panels, consoles and cockpits in North America and
the fourth-largest globally. The business has provided industry-leading
design, development and manufacturing services since 1956. The business
currently supports several high-volume North American OEM platforms.
Integrated Closure Systems consists of the Door Modules and Latch
business lines. The Latch business line holds a top-three market share and
is a technology leader in the industry with a global presence. The Latch
business line has produced latches since 1946, including the Mini-Wedge,
currently the best-selling latch globally. The Door Modules business line
has built strong relationships with multiple OEMs by focusing on
high-content, system- engineered and integrated door systems. Since 1980,
the Door Module business line has supported more than 29 vehicle programs
and produced more than 30 million door systems.
Each of the Instrument Panels, Cockpits, Latch and Door Modules
business lines is distinguished by its ability to work with customers from
materials research, engineering, design validation and safety testing,
design integration, production, and control and logistics, all driven by
world-class engineering teams.
Any sale or strategic alternative will be conducted in coordination
with the company's customers, unions, and other stakeholders to carefully
manage the transition of affected product lines. Also, the disposition of
any U.S. operations would be accomplished in accordance with the
requirements of the U.S. Bankruptcy Court. The company would also begin
consultations with the European Works Council in accordance with applicable
laws.
Any parties interested in Delphi's Cockpits & Interior Systems and
Integrated Closure Systems businesses should contact Michael Barr, Managing
Director, Rothschild Inc. at 212.403.3737.
For more information about Delphi (Pink Sheets: DPHIQ), visit
http://www.delphi.com .
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:
Brad Jackson of Delphi Corporation,
+1-248-813-6873, brad.w.jackson@delphi.com
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