Highland Capital seeks alternatives for Delphi

By Lisa Kerner

Charlotte, N.C., May 31 - Delphi Corp. shareholders led by Highland Capital Management, LP entered into a confidential information, standstill and nondisclosure agreement with Delphi on May 25. Also on that date, Delphi, Highland and Pardus European Special Opportunities Master Fund LP and Brandes Investment Partners, LP entered into a diligence protocol agreement.

Highland said it plans to continue conversations with representatives of Delphi, Pardus, Brandes and other potential co-investors "with respect to a possible negotiated business arrangement" involving Delphi, according to an amended schedule 13D filing with the Securities and Exchange Commission.

Highland Capital beneficially owns 38,646,915 shares or 6.88%, of the Troy, Mich.-based automotive electronics manufacturer's outstanding stock.

The investor had requested a meeting with Delphi's board in April to discuss an alternative plan for the reorganization of the company.

Delphi 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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