Delphi Signs Master Sale Agreement for Its Global Steering and Halfshaft Business

- Delphi Files Motion To Request Hearing With U.S. Bankruptcy Court
- Steering Solutions Corporation, a wholly owned entity of Platinum Equity, LLC, is named lead bidder in the sale of Delphi Corporation's global steering division

December 11, 2007, TROY, MICH. -- Delphi Corporation (PINKSHEETS: DPHIQ) has entered into a master sale and purchase agreement with Steering Solutions Corporation, a wholly owned entity of Platinum Equity, LLC, for the sale of its global steering and halfshaft businesses.

In addition to the master sale and purchase agreement, Delphi has simultaneously entered into a transaction facilitation agreement pursuant to which GM is making certain commitments to Delphi in connection with the sale. Pursuant to the requirements of the Bankruptcy Code, Delphi filed a motion with the U.S. Bankruptcy Court for the Southern District of New York seeking approval of the master purchase and sale agreement and the GM transaction facilitation agreement and requesting a bidding procedures hearing on Dec. 20, 2007. Following entry of an order approving bidding procedures, parties interested in purchasing Delphi's global steering and halfshaft business would have an opportunity to submit a binding bid. If Delphi receives any qualified bids for its steering and halfshaft business, it would conduct an auction and sell the steering and halfshaft business to the party submitting the highest or otherwise best bid.

Following the completion of the bidding procedures process, a final sale hearing is anticipated to occur in February 2008. The final sale of Delphi's global steering and halfshaft businesses and the transaction facilitation agreement are subject to the approval of the U.S. Bankruptcy Court. As outlined in the court filing, the master sale and purchase agreement covers the sale of substantially all of Delphi's global steering and halfshaft businesses, including manufacturing operations, intellectual property, customer and supplier contracts, and interests in joint ventures as well as the transfer of the global employee team to the new company. It is anticipated that the senior leadership of the global business will also transfer to the buyer. All parties remain committed to ensuring a smooth transition for all customers.

For more information on today's court filing, go to www.delphidocket.com. To learn more about Delphi, go to www.delphi.com, or about Platinum Equity, go to www.platinumequity.com.

Source: Delphi Corporation

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