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Delphi investor amends standstill agreement, will seek arrangements on company's behalf
By Lisa Kerner
Charlotte, N.C., June 13 - Delphi Corp. investors led by Highland Capital Management entered into an amended and restated confidential information, standstill and nondisclosure agreement with the company on June 11, according to a schedule 13D filing with the Securities and Exchange Commission.
Under the agreement, Delphi may provide Highland Capital with certain non-public, confidential and/or proprietary information in order for Highland Capital to evaluate possible negotiated business arrangements under Delphi's reorganization.
Highland Capital beneficially owns 38,646,915 shares, or 6.88%, of the Troy, Mich.-based automotive electronics manufacturing company's outstanding stock.
On May 31, Delphi and Highland entered into the original confidential information, standstill and nondisclosure agreement. Delphi, Highland and Pardus European Special Opportunities Master Fund LP and Brandes Investment Partners, LP entered into a diligence protocol agreement.
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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