Delphi Comments on Adjournment to April 2 of Approval Hearing on GM Advance Agreement Amendments and GM Steering Option

TROY, MI, Mar 24 (MARKET WIRE) --
Delphi Corp. (PINKSHEETS: DPHIQ) today said the U.S. Bankruptcy Court
adjourned until April 2 approval hearings on previously announced
agreements reached between Delphi and General Motors Corporation (GM) to
supplement Delphi's liquidity position and to substantially complete
Delphi's portfolio transformation through the sale of Delphi's global
Steering business. The approval hearings were rescheduled to provide
additional time for the U.S. Treasury to evaluate the agreements, which
the U.S. Treasury determined yesterday are "material transactions" under
its December 31, 2008 loan agreement with GM, and for Delphi to meet and
confer with objectors to the approval of the GM Steering Option Exercise
Agreement regarding objections not otherwise settled prior to today's
hearing. The sale of the Steering business is a strategic component of
Delphi's transformation strategy, which was announced in March 2006.
Pursuant to two amendments to GM's liquidity advance agreement with
Delphi, GM has agreed to increase from $300 million to $450 million the
amount it is committed to advance to Delphi. The three agreements remain
subject to certain conditions including U.S. Treasury concurrence.

Delphi also said that it is in discussions with its DIP Lenders' Steering
Committee regarding a consensual amendment to the Accommodation Agreement
that would, among other matters, reset the timing of certain milestones in
the agreement in order to facilitate discussions among representatives of
Delphi, the DIP Lenders, Delphi's Creditors' Committee, GM and the U.S.
Treasury concerning proposed modifications to Delphi's First Amended Plan
of Reorganization confirmed in January 2008. The company said that
completion of the amendment process and approval of the motions now
scheduled for hearing on April 2nd should facilitate the company's access
to additional liquidity to manage its U.S. operations while providing the
company with the liquidity runway to complete discussions with
stakeholders and obtain court approval of reorganization plan
modifications.

ABOUT DELPHI

More information on Delphi's U.S. restructuring and access to court
documents is available at www.delphidocket.com.

For more information about Delphi and its operating subsidiaries, visit
Delphi's website at www.delphi.com.

FORWARD-LOOKING STATEMENTS

This press release 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, its advance agreement with
GM, to obtain an extension of term or other amendments as necessary to
maintain access to such facility and advance agreement, and partial
temporary accelerated payments agreement with GM; 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 achieve
all of the conditions to the effectiveness of those portions of the
Amended and Restated Global Settlement Agreement and Amended and Restated
Master Restructuring Agreement with GM which are contingent on Delphi's
emergence from chapter 11; the ability of the Company to obtain Court
approval to modify the Plan which was confirmed by the Court on January
25, 2008, to confirm such modified plan or any other subsequently filed
plan of reorganization and to consummate such plan; 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 as described in the
proposed modifications to its Plan as filed with the Court 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 or those of its principal
customers 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, 2008 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. It is possible
that Delphi's common stock may have no value and claims relating to
prepetition liabilities may receive no value.

MEDIA CONTACT:
Lindsey Williams
248.813.2528

INVESTOR CONTACT:
Eric Creech
248.813.2498

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