Delphi Receives Court Approval on DIP Accommodation Agreement

Company Maintains Access to Liquidity Through June 2009

Release Date: December 01, 2008

TROY, Mich. -- Delphi Corp. (PINKSHEETS: DPHIQ today announced that the U.S. Bankruptcy Court for the Southern District of New York granted the company's motion for approval of its Debtor-In-Possession (DIP) Accommodation Agreement. Delphi filed the motion on Nov. 7, 2008.

The DIP Accommodation Agreement, an agreement between Delphi and certain lenders that constitute greater than a majority of holders by amount of Delphi's two most senior tranches of its DIP Credit Facility, provides Delphi the authority to continue use of the proceeds from its DIP Credit Facility through June 30, 2009.

"The provisions of the Accommodation Agreement (together with other agreements achieved during these Chapter 11 cases) serve to provide substantial assurance to our stakeholders of our continued access to liquidity to fund our operations and facilitate our efforts to satisfy emergence capital funding needs as contemplated under the Modified Plan," said John Sheehan, Delphi vice-president and chief financial officer.

The agreement reflects the support of the administrative agent and the Required Lenders for Delphi's transformation efforts, despite the current economic downturn and the unprecedented turmoil in the capital markets.


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).

More information on Delphi's U.S. restructuring and access to court documents is available at

Information on the case can also be obtained on the Bankruptcy Court's website with Pacer registration: For more information about Delphi and its operating subsidiaries, visit Delphi's website at

For more information contact:
Lindsey Williams
Media Contact
[email protected]
[1] 248.813.2528

Al VanDenBergh
Investor Contact
[email protected]
[1] 248.813.3342

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