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 30, 2007
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)) |
TABLE OF CONTENTS
ITEM 7.01 REGULATION FD DISCLOSURE
Operating Report
On March 30, 2007, Delphi Corporation (“Delphi” or the “Company”) and certain of its subsidiaries
(collectively, the “Debtors”) filed their unaudited consolidated Monthly Operating Report for the
month ended February 28, 2007 (the “Monthly Operating Report”) with the United States (“U.S.”)
Bankruptcy Court for the Southern District of New York (the “Court”) (In re Delphi Corporation, et
al., Case No. 05-44481). Exhibit 99(a) to this Current Report on Form 8-K contains the unaudited
consolidated Monthly Operating Report as filed with the Court.
The Monthly Operating Report is limited in scope, covers a limited time period, and has been
prepared solely for the purpose of complying with the monthly reporting requirements of the Court.
The Company’s foreign subsidiaries have not filed for bankruptcy protection, and financial
information regarding such foreign subsidiaries is not part of the consolidated group included in
the Monthly Operating Report. The financial information in the Monthly Operating Report is
preliminary and unaudited and does not purport to show the financial statements of any of the
Debtors in accordance with accounting principles generally accepted in the United States of America
(“GAAP”), and therefore may exclude items required by GAAP, such as certain reclassifications,
eliminations, accruals, and disclosure items. The Company cautions readers not to place undue
reliance upon the Monthly Operating Report. There can be no assurance that such information is
complete. The Monthly Operating Report may be subject to revision. The Monthly Operating Report is
in a format required by the U.S. Bankruptcy Code (“Bankruptcy Code”) and should not be used for
investment purposes. The information in the Monthly Operating Report should not be viewed as
indicative of future results.
Additional information regarding Delphi’s filing under the Bankruptcy Code, including access to
court documents and other general information about the chapter 11 cases, is also available online
at www.delphidocket.com.
Limitation on Incorporation by Reference
The Monthly Operating Report is being furnished for informational purposes only and is not deemed
“filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any
filing under the Securities Act of 1933, as amended. Registration statements or other documents
filed with the U.S. Securities and Exchange Commission (“SEC”) shall not incorporate the Monthly
Operating Report or any other information set forth in this Current Report on Form 8-K by
reference, except as otherwise expressly stated in such filing. This Current Report on Form 8-K
will not be deemed an admission as to the materiality of any information in the report that is
required to be disclosed solely by Regulation FD.
FORWARD-LOOKING STATEMENTS
This Current Report on Form 8-K, including the exhibits being filed as part of this report, as well
as other statements made by Delphi may contain forward-looking statements, 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. In some cases, you can identify these statements
by forward-looking words such as “may,” “might,” “will,” “should,” “expects,” “plans,”
“anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue,” the negative of
these terms and other comparable terminology. 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 financing facility; the terms of any
reorganization plan ultimately confirmed; the Company’s ability to obtain Court approval with
respect to motions in the chapter 11 cases 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; the Company’s ability to satisfy the terms and conditions of the
Equity Purchase and Commitment Agreement (including the Company’s ability to achieve consensual
agreements with GM and its U.S. labor unions on a timely basis that are acceptable to the Plan
Investors in their sole discretion); the Company’s ability to satisfy the terms and conditions of
the Plan Framework Support Agreement; 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 fund and execute its business
plan (including the transformation plan described in Item 1. Business “Potential Divestitures,
Consolidations and Wind-Downs” of the Annual Report on Form 10-K for the year ended December 31,
2006 filed with the SEC) and to do so in a timely manner; 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. Additional factors that
could affect future results are identified in the Annual Report on Form 10-K for the year ended
December 31, 2006 filed with the SEC including the
risk factors in Part I. Item 1A. Risk Factors, contained therein. 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 prepetition 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 cases 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. 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, 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 prepetition liabilities.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits. The following exhibit is being furnished as part of this report.
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Description |
99(a)
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Delphi Corporation’s Monthly Operating Report for the Month Ended February 28, 2007 |
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
(Registrant) |
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Date: March 30, 2007 |
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By: /s/ ROBERT J. DELLINGER
Robert J. Dellinger,
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Executive Vice President and Chief Financial Officer |
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