Highland Capital buys more than 10 million shares of Delphi

By Angela McDaniels

Seattle, Oct. 4 - Delphi Corp. investors led by Highland Capital Management, LP purchased 10,050,400 shares of the company's common stock between Sept. 12 and Sept. 28 priced from $0.45 to $0.55 per share.

The reporting persons own 33,891,015 shares, or 6.03%, of the company's stock, according to a schedule 13D filed with the Securities and Exchange Commission on Thursday.

In July, Highland Capital submitted a bid to make an equity investment in Delphi. The bid was rejected in favor of a proposal under which an investor group led by Appaloosa Management LP would inject Delphi with $2.55 billion in exchange for preferred and common stock in the reorganized company. The proposal received court approval in early August.

In Thursday's SEC filing, the investors said they continue to hold shares in Delphi for investment purposes and may in the future engage in discussions with the company concerning its business, operations, board composition, management, strategy and plans.

Delphi, a Troy, Mich.-based automotive electronics manufacturer, filed for bankruptcy on Oct. 8, 2005 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 05-44481.

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