April 5, 2008 Delphi Corporation 5725 Delphi Drive Troy, Michigan 48098 Ladies and Gentlemen:
Exhibit 99.2
A-D Acquisition Holdings, LLC
00 Xxxx Xxxxxx
Xxxxxxx, Xxx Xxxxxx 00000
00 Xxxx Xxxxxx
Xxxxxxx, Xxx Xxxxxx 00000
April 5, 2008
Delphi Corporation
0000 Xxxxxx Xxxxx
Xxxx, Xxxxxxxx 00000
0000 Xxxxxx Xxxxx
Xxxx, Xxxxxxxx 00000
Ladies and Gentlemen:
Reference is made to
that certain (i) Equity Purchase and Commitment Agreement, dated
August 3, 2007, as amended on December 10, 2007 (as may be amended or supplemented, the
“Agreement”), by and among A-D Acquisition Holdings, LLC (“XXXX”), Harbinger
Del-Auto Investment Company, Ltd., Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated, UBS
Securities LLC, Xxxxxxx, Sachs & Co. and Pardus DPH Holding LLC (together with XXXX, the
“Investors”), on the one hand, and Delphi Corporation, on the other hand, (ii) Termination
Notice Letter we delivered to you on April 4, 2008 (the “April 4 Termination Notice”) and
(iii) waiver letter we delivered to you on February 28, 2008. Capitalized terms used herein and
not defined, have the meanings set forth in the Agreement.
As a supplement to the
April 4 Termination Notice, this letter constitutes a notice of an
additional ground for termination of the Agreement in accordance with Section 12(d)(iii) of the
Agreement. This termination notice is without prejudice to (i) any Investor’s ability to assert
any other rights under the Agreement and (ii) the April 4 Termination Notice.
As you know, the
undersigned has been actively engaging in discussions to resolve our
outstanding issues in a mutually acceptable manner, including mutually acceptable alternative
transactions and will continue to actively engage in such discussions, including considering
transactions in which XXXX would participate in a capacity different than currently envisioned by
the Agreement.
[Signature page follows]
A-D Acquisition Holdings, LLC |
||||
By: | /s/ Xxxxx Xxxxxx | |||
Name: | ||||
Title: |
Xxxx Xxxxxxx/Xxxx Xxxxxxxx/Xxxxx Xxxxxxx |
Xxxxxx Xxxxxxxxx | |
Delphi Corporation |
Xxxx, Weiss, Rifkin, Xxxxxxx & Xxxxxxxx LLP | |
0000 Xxxxxx Xxxxx |
0000 Xxxxxx xx xxx Xxxxxxxx | |
Xxxx, XX 00000 |
Xxx Xxxx, XX 00000-0000 | |
Xxxx X. Xxxxxxx |
||
Xxxxx X. Xxxxxx |
Xxxxx Xxxxxxxx | |
Skadden, Arps, Slate, Xxxxxxx & Xxxx LLP |
Xxxxx Xxxxx | |
Four Times Square |
UBS Securities LLC | |
Xxx Xxxx, XX 00000 |
000 Xxxx Xxxxxx | |
Xxx Xxxx, XX 00000 | ||
Xxxx Xx. Xxxxxx, Jr. |
||
Xxxxxx Xxxxxxxxx |
||
Skadden, Arps, Slate, Xxxxxxx & Xxxx LLP |
Xxxxxx X. Xxxxxxxxx | |
000 Xxxx Xxxxxx Xxxxx |
Xxxxxx Xxxxxxxx Xxxxx & Xxxxxxxx LLP | |
Xxxxxxx, XX 00000 |
Xxx Xxxxxxx Xxxxx | |
Xxx Xxxx, XX 00000 | ||
Xxxxx Xxxxx |
||
A-D Acquisition Holdings, LLC |
||
c/o Appaloosa Management L.P. |
Xxxxxx Xxxxxx | |
26 Main Street |
Xxxxxx Xxxxxx | |
Xxxxxxx, XX 00000 |
Xxxxxxx, Xxxxx & Co. | |
1 New York Plaza | ||
Xxxxxx X. Xxxxxxx |
Xxx Xxxx, XX 00000 | |
Harbinger Del-Auto Investment Company, Ltd. |
||
c/o Harbinger Capital Partners |
Xxxxxx Xxxxxx | |
Offshore Manager, LLC |
Xxxxxxxx & Xxxxxxxx LLP | |
000 Xxxxxxx Xxxxxx, 00xx Floor |
000 Xxxxx Xxxxxx | |
Xxx Xxxx, XX 00000 |
Xxx Xxxx, XX 00000 | |
General Counsel |
Xxxxxxx Xxxx | |
Xxxxxxx Management Corporation |
Pardus DPH Holding LLC | |
0 Xxxxxxxxxx Xxxxxxx Xxxxx |
000 Xxxxxxx Xxxxxx | |
Xxxxxxxxxx, XX 00000 |
Xxxxx 00X | |
Xxx Xxxx, XX 00000 | ||
Xxxx Xxxx Xxxxxx/Xxxxxxxx Xxxxx |
||
Xxxx Xxxxxxx LLP |
Xxxxxx X. Xxxxxxxxxx | |
000 Xxxx Xxxxxx |
Xxxxxx X. Xxxxx | |
Xxx Xxxx, XX 00000 |
Xxxxxxx Xxxx & Xxxxxxxxx LLP | |
000 Xxxxxxx Xxxxxx | ||
Xxxxxx Xxxxx / Xxxx Xxxxxx |
Xxx Xxxx, XX 00000-0000 | |
Xxxxxx Xxxxx, Xxxxxx, Xxxxxx & Xxxxx Incorporated |
||
4 World Financial Center |
||
Xxx Xxxx, XX 00000 |