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Companies : Delphi Corp.
Court Approves $2 Billion DIP Financing and $2.5 Billion Adequate Protection Package for Prepetition Financing Facilities October 27, 2005 -- Delphi Corp. (OTC: DPHIQ) announced today that it has received final Court approval of a $2 billion senior secured debtor-in-possession (DIP) financing facility being provided by JPMorgan Chase and Citigroup Global Markets Inc. and final approval of an adequate protection package for the Company's $2.5 billion prepetition secured revolver and term loan facilities. The final financing package includes provisions that the Court determined also adequately protect customers and suppliers with allowable set-off and recoupment claims and permits them to continue ordinary course business relationships with Delphi. On October 11, 2005, the Court granted interim approval of $950 million of the DIP financing and an interim adequate protection package for the $2.5 billion prepetition facilities pending a final hearing which was held today. "We are pleased with the Court's final approval of our financing package, which is a significant milestone in our restructuring," said Robert S. "Steve" Miller, Chairman and Chief Executive Officer of Delphi. "The proceeds of the DIP financing together with cash generated from daily operations and cash on hand will be used to fund postpetition operating expenses and other payments authorized by the Bankruptcy Court, including supplier obligations and employee wages, salaries and benefits." Miller added, "We are gratified by the support we have received from our lenders and the confidence they have displayed in Delphi by providing this DIP financing and consenting to the adequate protection packages for our prepetition lenders, customers and suppliers to be put in place. We are also grateful to our customers and suppliers for their loyalty during our restructuring. Since the chapter 11 filing, our business has continued to operate well -- without a single disruption in supply to our global customers. These achievements are due, in large part, to the support we have received from our suppliers, customers and plant workers." A copy of the signed final order approving the financing transactions is expected to be docketed by the Bankruptcy Court and posted on www.delphidocket.com on October 28. The Court also approved a series of other motions at today's regular monthly omnibus hearing including final orders authorizing the continuation of Delphi's global cash management system and approving procedures for the sale of non-core de minimis assets where net proceeds are $10 million or less in each transaction. Delphi's Chapter 11 cases were filed on October 8, 2005 in the United States Bankruptcy Court for the Southern District of New York and have been assigned to the Honorable Robert D. Drain under lead case number 05-44481 (RDD). Delphi Wins Compressor Business With Volkswagen Group October 24, 2005 -- Delphi Corp. has been chosen to supply its latest generation Compact Variable Compressor (CVC compressor) to Volkswagen and Audi, starting in 2007. Details of the contracts remain confidential and are not available at this time. Compressors are commonly referred to as the heart of a vehicle's air conditioning system. Delphi's CVC compressors are based on a swash plate simple harmonic motion mechanism and come in a wide range of displacement offerings. Delphi's latest generation CVC compressor features an energy-saving six piston continuously variable mechanism and is clutchless, allowing for significant weight reduction and better fuel efficiency. External electronic control of the compressor capacity allows for optimum integration with vehicle powertrains and more fuel-efficient air conditioning load management. Delphi 2003: Delphi Continues Strong Cash Generation in Q4, CY 2003 Delphi's Q4 2003 revenue was $7.26 billion, up 4.1 percent from Q4 2002, including revenues realized as a result of Delphi's acquisition of Grundig Car Intermedia System GmbH (Grundig) in November 2003. GAAP net income for the quarter was $82 million, which included the impact of $46 million in previously anticipated charges related to restructuring initiatives announced in October 2003. Excluding these costs, Q4 net income was $128 million, or $0.23 per share, at the high end of the prior guidance range of $110 to $130 million. Thomson First Call consensus was $0.21 for the period. Delphi Expands Diesel Presence in Asia-Pacific Delphi Corp. the world's second largest supplier of diesel injection systems and common rail technology, has been working with regional vehicle manufacturers for more than 20 years. Vehicles or engines equipped with Delphi diesel fuel injection equipment include Hyundai, Kia, SsangYong, Daewoo, Nissan, Isuzu, Tata, Mahindra & Mahindra, Maruti and others. - October 25, 2004 Delphi Acquires Dynamit Nobel AIS GmbH Automotive Ignition Systems Delphi Corp. announced today that it has acquired the intellectual property and substantially all the assets and certain liabilities of Dynamit Nobel AIS GmbH Automotive Ignition Systems (Dynamit Nobel AIS), a designer and manufacturer of initiators, propellants, micro-gas generators (MGGs) and related products for the automotive industry. The purchase price was approximately 16 million euros, or $US 19.5 million, which includes 14.5 million euros ($US 17.7 million) in cash consideration and assumption of pension liabilities. - September 1, 2004 Delphi Begins Construction of New China Technical Center SHANGHAI, China, July 19 /PRNewswire/ -- Delphi Corporation (NYSE: DPH) today held the groundbreaking ceremony of its first R&D center in China. As a wholly owned entity of Delphi, China Technical Center is expected to open in June 2005, and based on current plans will initially employ approximately 500 engineers, scientists and technical professionals. Delphi's presence in China dates back to 1993, in anticipation of growth in the Chinese automotive market. As the leading foreign invested component and integrated systems supplier in the country, Delphi operates 14 facilities across the country. With the China Technical Center, Delphi's total investment in China will be approximately US$500 million. "Upon completion of the final phase in 2009, in time for Shanghai's World Expo in 2010, we plan to have approximately 1,400 engineers, scientists and supporting staff who will support application and systems engineering with Delphi's latest advanced technologies for local and global customers." said Donald Runkle, Delphi's vice chairman, Enterprise Technologies With new technical centers in Japan and Korea, Delphi continues to expand its global footprint in the Asia/Pacific region while providing technical expertise to customers around the world. July 19., 2004 Delphi to Become Battery Supplier To International Truck and Engine Corporation FLINT, Mich. - Delphi Automotive Systems announced a five-year agreement to supply original equipment heavy-duty batteries as well as service batteries to International Truck and Engine Corporation and their extensive national service network consisting of nearly 1,000 dealer locations. Delphi's Energy & Chassis division will supply batteries under International and Dynavolt(R) brand names. The batteries will be made at Delphi's Olathe, Kan. and Anaheim, Calif. facilities. The first shipment occurred in mid-December 2000. (January 02, 2001) Strong North American Market Drives Increased Sales Revenue As Delphi Posts Solid Third-Quarter Results/ Cash Generation Remains Strong - Supporting $300 Million Voluntary Pension Fund Contribution TROY, Mich. - Sales up 18 Percent Over Strike-Depressed Q3 1998 - Non-GM Sales Climb. Propelled by strong North American volumes and continued increases in sales to customers other than General Motors, Delphi Automotive Systems today reported earnings of $136 million, or $0.24 per share on a diluted basis. "The third quarter is typically a challenging period for us," said Delphi Chairman, Chief Executive Officer and President J.T. Battenberg III. "This year, despite the usual production changes for the new model year and the seasonality of OEM schedules, we were able to post very solid results. Delphi's Electric Power Steering Debuts on Fiat's New Punto Saginaw, Mich., August 18, 1999 - World's First Introduction of Electric Power Steering in Mass Market Vehicle. Contract Strategically Important to Delphi's European Presence. Delphis Robust Second Quarter Results Driven by Strong Volumes and Aggressive Portfolio Management Troy, Michigan, July 19, 1999 - Earnings Per Share Climb 283 Percent - In Line With Expectations Significant Cash Generation Continues. Driven by strong revenue growth, the favorable impact of the strategic sale of underperforming assets in 1998, and continuing significant cash flow, Delphi Automotive Systems (NYSE: DPH) today reported second quarter earnings of $394 million, or $0.69 per share on a fully diluted basis*. Delphi Wins New Business With Daewoo in Poland To Supply Complete Thermal Management Systems TROY, Mich., June 11, 1999 - Delphi Automotive Systems (NYSE: DPH) recently won a contract to supply complete thermal management systems for a vehicle program Daewoo Motor Polska Corporation (DMP) will build in Europe. Delphi Harrison Thermal Systems, part of the company's Safety, Thermal and Electrical Architecture sector, will design and manufacture the powertrain cooling and climate control systems for Daewoo Motor Polska, the automaker's operation in Poland. Weiser Retires, Alapont Named President, Delphi Europe Troy and Flint, Mich., June 10, 1999 - Jose Maria Alapont has been elected a Delphi vice-president and named president, Delphi Automotive Systems Europe, effective July 1, 1999. The announcement was made today by J.T. Battenberg III, chairman, chief executive officer and president of Delphi Automotive Systems. Alapont will replace Hans-Jurgen Weiser, who is retiring following an 18-year career with Delphi.
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