Platinum Equity Statement Regarding Prospective Auction of Delphi Assets

LOS ANGELES - June 17, 2009: Judge Robert Drain of the U.S. Bankruptcy Court for the Southern District of New York instructed Delphi Corporation to ensure that other potential bidders are considered as Delphi proceeds with the sale of its assets to Platinum Equity and General Motors.

Although we have an executed agreement in place, Platinum Equity fully supports maintaining what has always been an open and competitive process. As that process reaches culmination, we are confident that our offer will be validated as the highest and best before the court.

Platinum Equity has spent nearly three years working with Delphi and its stakeholders, under the supervision of the court, to devise a solution that best ensures the long-term health of the business after its emergence from Chapter 11.

We have never been the only prospective bidder in the process, nor even necessarily the favored bidder. But we have persevered with only one objective: Putting the strongest and most comprehensive solution on the table and delivering value for all of Delphi’s stakeholders.

We have spent thousands of hours analyzing all aspects of Delphi’s business from a global, divisional, business unit and product-line perspective.

We have studied, in detail, Delphi’s revenue and capital plans, its programs, commodity exposure, foreign currency exposure, manufacturing footprint, IT systems, allocation methodology, engineering resources and SG&A resources.

We have held hundreds of meetings to discuss all aspects of Delphi’s business with management and employees at the headquarters and divisional level; with General Motors and other major OEM customers; and with the United Auto Workers union.

Based on all of those meetings and a comprehensive analysis of what it will take to operate the business successfully, we have developed a comprehensive strategic operating plan for Delphi going forward.

Today, we are the only bidder that has:

		(i)			Provided a full and final global resolution to Delphi’s bankruptcy case;
		(ii)			Provided a substantial investment of new financial capital in the deal;
		(iii)			Provided a substantial investment of intellectual capital and operational resources that will ensure the future vitality of the business;
		(iv)			Provided a team and comprehensive business plan that will result in a healthy and well-capitalized Delphi that will survive as a long-term, extremely stable supplier to customers;
		(v)			Provided stakeholder General Motors with the right to acquire key sites and operations while protecting GM’s supply of parts through an orderly and collaborative transition;
		(vi)			Provided certainty of closing within the timeline outlined by the U.S. Bankruptcy Court, which envisions a final hearing date of July 23, 2009.

Numerous other parties have had full and complete access to Delphi and its stakeholders, and the opportunity to make a competing bid for this business over the past 3½ years. In just the past few weeks, we were informed that another prospective bidder conducted substantive diligence but chose not to finalize a bid prior to the June 1, 2009 deadline.

As the sale process now approaches culmination, Platinum Equity fully supports Judge Drain’s decision to maintain an open and competitive process that allows any other party an opportunity to meet all of the conditions necessary to complete the transaction within the timeline approved by the court to successfully resolve the Delphi bankruptcy case.