Delphi Auction Completed, Platinum Equity Discussions Continue on Post-Bankruptcy Restructuring

LOS ANGELES--Platinum Equity provided the following statement today in regard to Delphi Corporation’s bankruptcy auction:

“Delphi Corporation’s Debtor in Possession Lenders presented a Credit Bid that valued their credit claims at more than $3.4 billion and refused to release their liens on Delphi’s assets, forcing a conclusion to the auction stage of the Delphi bankruptcy process. Platinum Equity and Delphi’s DIP lenders are continuing their on-going discussions in advance of the Sale Hearing on Wednesday.

“We look forward to working on the next phase of this process with Delphi, its lenders and General Motors – all of whom have acknowledged the value of Platinum Equity’s operating expertise. We continue to believe that with the right plan, Delphi can establish itself as a strong, viable competitor in the global automotive industry.”

About Platinum Equity

Platinum Equity (www.platinumequity.com) is a global M&A&OŽ firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, metals services, manufacturing and distribution. Since its founding in 1995 by Tom Gores, Platinum Equity has completed nearly 100 acquisitions with more than $27.5 billion in aggregate annual revenue at the time of acquisition.