UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) March 31, 2006
Delphi Corporation
(Exact Name of Registrant as Specified in Its Charter)
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| Delaware
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1-14787
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38-3430473 |
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(State or Other Jurisdiction of
Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.) |
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| 5725 Delphi Drive, Troy, MI
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48098 |
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| (Address of Principal Executive Offices)
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(Zip Code) |
(248) 813-2000
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 8.01 OTHER EVENTS
On
March 31, 2006, Delphi Corporation (“Delphi” or the
“Company”) outlined a
transformation plan, including the Company’s filing two motions under Sections 1113 and 1114 of the
United States (“U.S.”) Bankruptcy Code seeking authority to reject U.S. labor agreements after ten
days’ notice to the unions and to modify retiree benefits, and its initial motion to reject
unprofitable supply contracts with General Motors Corporation (“GM”). A copy of the press release
is attached hereto as Exhibit 99(a). In addition, information on Delphi’s restructuring, including
access to documents filed with the United States Bankruptcy Court for the Southern District of New
York (the “Bankruptcy Court” or the “Court”) and other general information about Delphi and certain
of its subsidiaries’ chapter 11 cases is available at www.delphidocket.com.
FORWARD LOOKING STATEMENTS
This Current Report on Form 8-K, including the exhibit being filed as part of this report, 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 attached as exhibit 99(a) to this Current Report on Form 8-K, 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, 2004, and its most recent Quarterly Report on
Form 10-Q for the quarter ended September 30, 2005, and current reports on Form 8-K. 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. As described in the Company’s public
statements in response to the request submitted to the United States Trustee for the appointment of
a statutory equity committee, holders of Delphi’s common stock and other equity interests (such as
options) should assume that they will not receive value as part of a plan of reorganization. In
addition, 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.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
Exhibits. The following exhibit is being filed as part of this report.
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Description |
99(a)
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Press Release Issued by Delphi Corporation on March 31, 2006. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned hereunto duly authorized.
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DELPHI CORPORATION |
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(Registrant) |
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Date:
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March 31, 2006
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By:
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/s/ JOHN D. SHEEHAN |
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(John D. Sheehan,
Vice President and Chief Restructuring Officer,
Chief Accounting Officer and Controller) |