Chambers conferences set for October 19, 2006
TROY, Mich., Sept. 28 /PRNewswire/ -- Delphi Corporation announced
today that the Bankruptcy Court of the Southern District of New York has
granted continued adjournments of hearings on Delphi's motions to reject
collective bargaining agreements and modify retiree benefits under Sections
1113 and 1114 of the Bankruptcy Code and for authority to reject after
notice certain commercial contracts with General Motors (GM) Corp. under
Section 365 of the Bankruptcy Code. The 1113/1114 and Section 365 motion
hearings were previously adjourned on Sept. 18, 2006. The Court has
scheduled chambers conferences on October 19, 2006 for status and
scheduling purposes with Delphi and the respondents to each motion.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020315/DEF002LOGO )
The action follows a chambers conference conducted by the Court on
September 28, 2006 and discussions between Delphi and its major
stakeholders including its statutory committees, labor unions and GM. The
adjournments are intended to allow the parties to continue to focus on
ongoing commercial and labor discussions.
For more information about Delphi's (Pink Sheets: DPHIQ) bankruptcy
proceedings, visit http://www.delphidocket.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, 2005. 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
http://www.delphidocket.com
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, +1-248-813-2528, or Claudia
Piccinin, +1-248-813-2942, both of Delphi Corporation
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