Delphi, the second-largest automotive parts supplier in world, has officially filed for Chapter 11 bankruptcy in the Southern District of New York as of today. The official statement appears below the fold. Non-US subsidiaries are not included in the filing, and Delphi claims that it does not intend to raid the $1B in liquidity held by its foreign operations. Expect the majority of the post-bankruptcy action to occur here in the US in the form of renegotiated worker contracts and significant changes in its agreements with suppliers and customers. Approximately $4.5B in financing has been secured to keep things running while this whole mess gets straightened out. There's much more to come on this in the following days and weeks, and we'll do our best to help you digest the news as it comes along.
On October 8, 2005, Delphi and certain of its domestic U.S. subsidiaries have filed voluntary petitions for business reorganization under chapter 11 of the U.S. Bankruptcy Code. The filing only involves Delphi?s U.S. wholly-owned operating subsidiaries and should not materially affect the company?s non-U.S. subsidiaries.
Delphi is not going out of business. Our chapter 11 business reorganization is well financed, well planned and well organized. We intend to utilize the chapter 11 process to preserve the value of the company, and complete its transformation plan designed to resolve Delphi?s existing legacy issues and the resulting high cost structure of its U.S. operations.
Our customers worldwide can be assured that we will continue to meet their quality scheduling, delivery and production needs in a timely manner. Our customers should expect to receive the same superior engineering for which Delphi is known. We remain committed to developing technology and new products and providing our customers worldwide with our unparalleled customer support.
We encourage you to explore this section and check it regularly for updates on reorganization.
Below are the 39 entities that were included in the filing.
1. Delphi Corporation (Parent) (Delaware)
2. ASEC Manufacturing General Partnership (Delaware)
3. ASEC Sales General Partnership (Delaware)
4. Aspire, Inc. (Michigan)
5. Delco Electronics Overseas Corporation (Delaware)
6. Delphi Automotive Systems (Holding), Inc. (Delaware)
7. Delphi Automotive Systems Global (Holding), Inc. (Delaware)
8. Delphi Automotive Systems Human Resources LLC (Delaware)
9. Delphi Automotive Systems International, Inc. (Delaware)
10. Delphi Automotive Systems Korea, Inc. (Delaware)
11. Delphi Automotive Systems LLC (Delaware)
12. Delphi Automotive Systems Overseas Corporation (Delaware)
13. Delphi Automotive Systems Risk Management Corp. (Delaware)
14. Delphi Automotive Systems Services LLC (Delaware)
15. Delphi Automotive Systems Tennessee, Inc. (Delaware)
16. Delphi Automotive Systems Thailand, Inc. (Delaware)
17. Delphi China LLC (Delaware)
18. Delphi Connection Systems (California)
19. Delphi Diesel Systems Corp. (Delaware)
20. Delphi Electronics (Holding) LLC (Delaware)
21. Delphi Foreign Sales Corporation (Virgin Islands)
22. Delphi Integrated Service Solutions, Inc. (Michigan)
23. Delphi International Holdings Corp. (Delaware)
24. Delphi International Services, Inc. (Delaware)
25. Delphi Liquidation Holding Company (Delaware)
26. Delphi LLC (Delaware)
27. Delphi Mechatronic Systems, Inc. (Delaware)
28. Delphi Medical Systems Colorado Corporation (Colorado)
29. Delphi Medical Systems Corporation (Delaware)
30. Delphi Medical Systems Texas Corporation (Delaware)
31. Delphi NY Holdings Corporation (New York)
32. Delphi Services Holding Corporation (Delaware)
33. Delphi Technologies, Inc. (Delaware)
34. DREAL, Inc. (Delaware)
35. Environmental Catalysts, LLC (Delaware)
36. Exhaust Systems Corporation (Delaware)
37. Packard Hughes Interconnect Company (Delaware)
38. Specialty Electronics, Inc. (South Carolina)
39. Specialty Electronics International Ltd. (Virgin Islands)