Platinum Equity Statement regarding prospective auction of Delphi assets

LOS ANGELES--(Business Wire)--
Today, 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.

Platinum Equity
Mark Barnhill
310-228-9514
mbarnhill@platinumequity.com

Copyright Business Wire 2009