Delphi Announces Refinancing Action to Maintain Liquidity

TROY, Mich., May 12, 2005 -- Delphi Corp. said today it intends to amend and upsize its existing $1.5 billion five-year revolving credit facility, while providing collateral to lenders. Delphi is also seeking to put in place secured term loans to preserve its liquidity position. These facilities will supercede the company's existing one- and five-year revolving credit facilities (maturing June 2005 and June 2009, respectively), which today total $3.0 billion.

"Delphi is committed to executing our business transformation and believes that this financing plan will provide us the liquidity and flexibility to continue our transformation," said John D Sheehan, Delphi's acting chief financial officer.

Delphi has appointed JPMorgan and Citigroup as lead arrangers, with the financing expected to close in early June. These facilities are subject to normal conditions and the execution of definitive documentation.

For more information about Delphi, visit http://www.delphi.com/ .