Plan of Reorganization and Transformation Plan
Troy, Michigan (PRWEB) September 25, 2008
Delphi Corporation (PINKSHEETS: DPHIQ) has received the prestigious J. D. Power and Associates Award for its quality performance in multimedia.
Delphi ranked highest in the AM/FM single CD player/satellite radio category -- one of the most popular combinations preferred by consumers -- with a score of 2.7 PP100 (problems per 100 vehicles).
"New vehicle buyers want audio systems that offer both the latest entertainment technologies and high quality performance," said Ken Erickson, lead executive for Entertainment & Communications at Delphi's Electronics & Safety division. "This award validates that our focus on continuous improvement, quality and customer satisfaction is providing the right mix of value and technology for our customers."
The J.D. Power and Associates study evaluates owner experience with the quality, design satisfaction and features of automotive multimedia systems in their new vehicles. The study is based on responses from 81,530 new-vehicle owners who purchased a 2008 model-year vehicle. Problems are measured per 100 vehicles (PP100). A lower PP100 score indicates higher quality. Twenty eight different combinations were evaluated which include different combinations of systems that include: AM/FM radio; cassette player; single CD; multiple CD Changer; navigation system and satellite radio.
Delphi has pioneered or led the introduction of multi-speaker, multi-amp premium audio; CD playbacks; DVD rear seat video; MP3 playbacks; advanced TV reception systems; and satellite radio into the market. The company supplies both OEM and retail hardware globally for satellite radio providers. Delphi has manufactured more than 283 million total OEM radios, including 14.5 million satellite radio receiver systems.
Delphi's history of innovations in the radio segment extends back to 1936, when it integrated the first radio into the instrument panel of a car. In 1999, the company was the first supplier to sign a licensing agreement to produce OEM satellite radio and introduced the first OEM satellite receiver in 2001 for a 2002 model year vehicle. Delphi has engineered and developed navigation systems for OEM vehicles for more than 14 years.
Erickson said a recent J.D. Power and Associates study indicated that nearly 60 percent of consumers say they want navigation systems in their next vehicle, and 66 percent of consumers want the ability to play MP3 files. He said a dual focus on technology and quality is an absolute requirement to meet expectations for both OE customers and their consumers.
"Our customers are striving to put the finest audio systems in their vehicles," said Erickson. "We're pleased to support them with the technology and the problem-free quality they need."
For more information on Delphi, visit http://www.delphi.com/4innovation, http://www.delphi.com/4connected, http://www.delphi.com/4green, or http://www.delphi.com/4safe.
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 and 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; the Company's ability to obtain Court approval with respect to motions in the chapter 11 cases prosecuted by it from time to time (including the motions announced in the Company's September 12, 2008 news release); the ability of the Company to achieve all of the conditions to the effectiveness and/or final consummation of the Amended and Restated Global Settlement Agreement and Amended and Restated Master Restructuring Agreement with General Motors; the ability of the Company to consummate its amended plan of reorganization which was confirmed by the Court on January 25, 2008, any subsequent modifications to the confirmed plan or any other subsequently confirmed plan of reorganization; 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 "Plan of Reorganization and Transformation Plan" of the Annual Report on Form 10-K for the year ended December 31, 2007 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 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, 2007 filed with the SEC, including the risk factors in Part I. Item 1A. Risk Factors, contained therein, and the Company's quarterly periodic reports for the subsequent periods, including the risk factors in Part II. Item 1A. Risk Factors, contained therein, filed with the SEC. 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.
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