A-D Acquisition Holdings, LLC
00 Xxxx Xxxxxx
Xxxxxxx, Xxx Xxxxxx 00000
April 5, 2008
Delphi Corporation
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 X. Xxxxxx
-------------------------
Name:
Title:
Xxxx Xxxxxxx/Xxxx Xxxxxxxx/Xxxxx Xxxxxxx Xxxxxx Xxxxxxxxx
Delphi Corporation Xxxx, Weiss, Rifkin,
0000 Xxxxxx Xxxxx Xxxxxxx & Xxxxxxxx XXX
Xxxx, XX 00000 0000 Xxxxxx xx xxx Xxxxxxxx
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 &
Xxxxxxx, XX 00000 Xxxxxxxx LLP
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
