18th
January 2008 - Delphi
Announces Final Results of Plan of Reorganization Voting
81% of Ballots Cast
Vote to Accept Plan
Delphi Corporation
announced that the voting results for Delphi's First Amended Joint Plan
of Reorganization (the "Plan") have been filed with the U.S. Bankruptcy
Court for the Southern District of New York. Voting by classes of
creditors and holders of interests (including shareholders) entitled to
vote on the Plan illustrates broad-based support for the Plan. Of the
more than 4,000 ballots cast by general unsecured creditors voting on
the Plan, 3,329 or 81% of all voting creditors aggregated across classes
voted to accept the Plan (excluding ballots cast by GM, plaintiffs in
the multi-district litigation ("MDL") and holders of interests). Of the
total amount voted by all general unsecured creditor classes, 78% or
$2,083,647,859.13 voted to accept the Plan. 100% of the ballots cast in
the GM and MDL classes voted to accept the Plan in the respective
amounts of $2.57 billion and $57.2 million. Of the approximately
217,000,000 shares voted by shareholders, 78% or 170,297,851 shares
voted to accept the Plan.
The broad-based
support expressed by creditors and shareholders of Delphi Corporation
and its principal subsidiaries holding its US and global businesses was
reflected in the votes of each of the principal segments of the general
unsecured creditor class of the Delphi-DAS Debtors (Class 1C). More than
70% of the ballots cast and 70% of the total dollar amount voted by
Delphi's senior note claims, TOPrS claims, and all other claims
(including trade claims) segments each voted separately to accept the
Plan. The company noted that one of the classes in one of the subsidiary
debtors (Delphi Diesel Systems Corp. - Class 6C) rejected the Plan
because less than two-thirds in amount of the ballots cast supported the
Plan. In addition, depending on whether the Bankruptcy Court allows
certain other contested ballots to be counted, one additional class in
each of two additional subsidiary debtors (Connection System Debtors -
Class 3C and Delco Electronics Overseas Corporation - Class 5C) will
have rejected the Plan based on a reduction in the percentage of dollar
amounts voted in favor of the Plan below the statutory threshold.
Although no assurances can be made,
Delphi believes that the Plan satisfies the requirements of the
Bankruptcy Code and is confirmable notwithstanding the rejection of the
Plan by certain classes. A confirmation hearing on the Plan is scheduled
to begin on Jan. 17, 2008.
ABOUT DELPHI'S CHAPTER 11 CASE
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
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
www.delphidocket.com.
Information on the case can also be
obtained on the Bankruptcy Court's website with Pacer registration:
http://www.nysb.uscourts.gov. For more information about Delphi and its
operating subsidiaries, visit Delphi's website at
www.delphi.com
Source: Delphi Corporation Press
Release