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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D/A
(Amendment No. 2)
UNDER THE SECURITIES EXCHANGE ACT OF 1934
DELPHI CORPORATION
------------------
(Name of Issuer)
Common Stock, $0.01 Par Value Per Share
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(Title of Class of Securities)
247126105
--------------
(CUSIP Number)
Kenneth Maiman
Appaloosa Management L.P.
26 Main Street, First Floor
Chatham, NJ 07928
(973) 701-7000
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
August 25, 2006
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
[ ].
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Page 1 of 11
SCHEDULE 13D
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CUSIP No. 247126105
-------------------
---- --------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
Appaloosa Investment Limited Partnership I
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)
22-3220838
---- --------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
---- --------------------------------------------------------------------------
3 SEC USE ONLY
---- --------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
---- --------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
---- --------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
---- ---------------------------- --------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY 0
EACH REPORTING PERSON WITH ---- --------------------------------------------
8 SHARED VOTING POWER
27,716,000
---- --------------------------------------------
9 SOLE DISPOSITIVE POWER
0
---- --------------------------------------------
10 SHARED DISPOSITIVE POWER
27,716,000
---- ---------------------------- --------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
27,716,000
---- --------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
---- --------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.93%
---- --------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
---- --------------------------------------------------------------------------
Page 2 of 11
SCHEDULE 13D
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CUSIP No. 247126105
-------------------
---- --------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
Palomino Fund Ltd.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)
98-0150431
---- --------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
---- --------------------------------------------------------------------------
3 SEC USE ONLY
---- --------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
---- --------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
---- --------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
---- ---------------------------- --------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLYOWNED BY EACH 0
REPORTING PERSON WITH ---- --------------------------------------------
8 SHARED VOTING POWER
24,284,000
---- --------------------------------------------
9 SOLE DISPOSITIVE POWER
0
---- --------------------------------------------
10 SHARED DISPOSITIVE POWER
24,284,000
---- ---------------------------- --------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
24,284,000
---- --------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
---- --------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.32%
---- --------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
---- --------------------------------------------------------------------------
Page 3 of 11
SCHEDULE 13D
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CUSIP No. 247126105
-------------------
---- --------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
Appaloosa Management L.P.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)
22-3220835
---- --------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
---- --------------------------------------------------------------------------
3 SEC USE ONLY
---- --------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
---- --------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
---- --------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
---- ---------------------------- --------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY 0
EACH REPORTING PERSON WITH ---- --------------------------------------------
8 SHARED VOTING POWER
52,000,000
---- --------------------------------------------
9 SOLE DISPOSITIVE POWER
0
---- --------------------------------------------
10 SHARED DISPOSITIVE POWER
52,000,000
---- ---------------------------- --------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
52,000,000
---- --------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
---- --------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.25%
---- --------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
---- --------------------------------------------------------------------------
Page 4 of 11
SCHEDULE 13D
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CUSIP No. 247126105
-------------------
---- --------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
Appaloosa Partners Inc.
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)
22-3220833
---- --------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
---- --------------------------------------------------------------------------
3 SEC USE ONLY
---- --------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
---- --------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
---- --------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
---- ---------------------------- --------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY 0
EACH REPORTING PERSON WITH ---- --------------------------------------------
8 SHARED VOTING POWER
52,000,000
---- --------------------------------------------
9 SOLE DISPOSITIVE POWER
0
---- --------------------------------------------
10 SHARED DISPOSITIVE POWER
52,000,000
---- ---------------------------- --------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
52,000,000
---- --------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
---- --------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.25%
---- --------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
---- --------------------------------------------------------------------------
Page 5 of 11
SCHEDULE 13D
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CUSIP No. 247126105
-------------------
---- --------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
David A. Tepper
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON (ENTITIES ONLY)
---- --------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
---- --------------------------------------------------------------------------
3 SEC USE ONLY
---- --------------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
---- --------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
---- --------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
---- ---------------------------- --------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY 0
EACH REPORTING PERSON WITH ---- --------------------------------------------
8 SHARED VOTING POWER
52,000,000
---- --------------------------------------------
9 SOLE DISPOSITIVE POWER
0
---- --------------------------------------------
10 SHARED DISPOSITIVE POWER
52,000,000
---- ---------------------------- --------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
52,000,000
---- --------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
---- --------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.25%
---- --------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
---- --------------------------------------------------------------------------
Page 6 of 11
This Amendment No. 2 (this "Amendment") to the Schedule 13D filed on March
16, 2006 by the Reporting Persons (the "Schedule 13D") relates to the common
stock, $0.01 par value per share (the "Common Stock"), of Delphi Corporation, a
Delaware corporation (the "Issuer"), and is being filed to amend the Schedule
13D as specifically set forth below.
The information set forth in the Exhibit to this Amendment is hereby
expressly incorporated herein by reference, and the responses to each item of
this Amendment are qualified in their entirety by the provisions of such
Exhibit. Unless otherwise indicated, all capitalized terms shall have the
meanings ascribed to them in the Schedule 13D, and unless otherwise amended
hereby, all information previously filed remains in effect.
Item 4 is amended and restated as follows:
The acquisition of the shares of Common Stock beneficially owned by the
Reporting Persons was for investment purposes. On March 15, 2006, in its
capacity as a stockholder, Appaloosa Management L.P. ("Appaloosa") sent a letter
to the Issuer's board of directors expressing concerns over the current
management of the Issuer in connection with the commencement and prosecution of
the Issuer's case under chapter 11 of the Bankruptcy Code (the "March 15th
Letter"). As described below, Appaloosa has withdrawn this letter.
On July 31, 2006, Appaloosa and the Issuer entered into a Confidential
Information, Standstill and Nondisclosure Agreement (the "Confidentiality
Agreement"). Pursuant to the terms of the Confidentiality Agreement, the Issuer
may furnish to Appaloosa certain non-public, confidential and/or proprietary
information pertaining to the Issuer which is reasonably necessary in order for
Appaloosa to evaluate a possible negotiated business arrangement involving the
Issuer in its reorganization case under chapter 11 of the Bankruptcy Code.
Subject to customary exceptions, Appaloosa agrees to keep the Evaluation
Material (as defined in the Confidentiality Agreement) strictly confidential.
Prior to the Release Date (as defined in the Confidentiality Agreement), unless
otherwise agreed to by the Issuer in writing, Appaloosa agrees to engage in
discussions and negotiate exclusively with the Issuer and its legal and
financial advisors with respect to a possible negotiated business arrangement
involving the Issuer. In addition, in accordance with the Confidentiality
Agreement, Appaloosa has withdrawn the March 15th Letter and agreed not to take
certain other actions, as more fully described in the Confidentiality Agreement.
On August 25, 2006, Appaloosa and the Issuer entered into an amendment to
the Confidentiality Agreement (the "Amendment"), a copy of which is attached
hereto as Exhibit 6. Pursuant to the Amendment, in connection with certain
confidential information produced and designated as "confidential" or "highly
confidential" by the Debtors under various stipulations and protective orders
entered into in the Issuer's reorganization case under chapter 11 of the
Bankruptcy Code, that has been furnished and may continue to be furnished to
certain representatives of Appaloosa (the "Litigation Material"), Appaloosa may
use the Litigation Material for a Permitted Purpose (as defined in the
Amendment), and the Litigation Material so used will be deemed Evaluation
Material (as defined in the Confidentiality Agreement).
Appaloosa has had conversations, and plans to have additional
conversations, with representatives of the Issuer with respect to a possible
negotiated business arrangement involving
Page 7 of 11
the Issuer and other matters. No assurances can be given that any possible
negotiated business arrangement involving the Issuer will be proposed, or if
proposed, consummated.
On July 31, 2006, Appaloosa engaged UBS Securities LLC ("UBS") as lead
financial adviser and lead capital markets provider and engaged Merrill Lynch &
Co. ("Merrill Lynch") as an additional financial adviser, in each case in
connection with any potential restructuring, acquisition or other transaction
involving the Issuer. Pursuant to the engagement letters, the financial advisers
are to be given an opportunity to participate in any debt or equity financing
transaction involving the Issuer that is sponsored by Appaloosa and not financed
by Appaloosa.
Except as described in this Item 4 or otherwise described in this
Statement, the Reporting Persons currently have no plans or proposals which
relate to or would result in any transaction, event or action enumerated in
paragraphs (a) through (j) of Item 4 of the form of Schedule 13D promulgated
under the Securities Exchange Act of 1934, as amended. Each of the Reporting
Persons reserves the right, in light of its or his ongoing evaluation of the
Issuer's financial condition, business, operations and prospects, the market
price of the Common Stock, conditions in the securities markets generally,
general economic and industry conditions, its or his business objectives and
other relevant factors, to change its or his plans and intentions at any time,
as it or he deems appropriate. In particular, and without limiting the
generality of the foregoing (but subject to the terms of the Confidentiality
Agreement), any one or more of the Reporting Persons (and their respective
affiliates) reserves the right, in each case subject to any applicable
limitations imposed on the sale of any of their Common Stock by the Securities
Act of 1933, as amended, or other applicable law, to (i) purchase additional
shares of Common Stock or other securities of the Issuer, (ii) sell or transfer
shares of Common Stock or other securities beneficially owned by them from time
to time in public or private transactions and (iii) cause any of the Reporting
Persons to distribute in kind to their respective stockholders, partners or
members, as the case may be, shares of Common Stock or other securities owned by
such Reporting Persons.
Item 6 is amended and restated as follows:
On July 31, 2006, Appaloosa and the Issuer entered into a Confidential
Information, Standstill and Nondisclosure Agreement. Harbinger Capital Partners
Master Fund I, Ltd. ("Harbinger") is also a party to the Confidentiality
Agreement.
On July 31, 2006, Appaloosa engaged UBS as lead financial adviser and lead
capital markets provider and engaged Merrill Lynch as an additional financial
adviser, in each case in connection with any potential restructuring,
acquisition or other transaction involving the Issuer. Pursuant to the
engagement letters, the financial advisers are to be given an opportunity to
participate in any debt or equity financing transaction involving the Issuer
that is sponsored by Appaloosa and not financed by Appaloosa. Harbinger is also
a party to these engagement letters.
On August 25, 2006, Appaloosa and the Issuer entered into an amendment to
the Confidential Information, Standstill and Nondisclosure Agreement, a copy of
which is attached hereto as Exhibit 6. Harbinger is also a party to such
amendment.
Page 8 of 11
The Reporting Persons disclaim membership in a "group" (within the meaning
of Section 13(d) of the Securities Exchange Act of 1934) with any of the other
parties to the agreements described above.
Other than as described in this Statement, to the best knowledge of the
Reporting Persons there are no contracts, arrangements, understandings or
relationships (legal or otherwise) among the Reporting Persons, and between any
such persons and any other person, with respect to any securities of the Issuer,
including but not limited to, transfer and voting of any of the securities,
finder's fees, joint ventures, loan or option arrangements, puts or calls,
guarantees of profits, division of profits or loss, or the giving or withholding
of proxies, or a pledge or contingency the occurrence of which would give
another person voting power or investment power over the securities of the
Issuer.
Item 7 is amended to add the following exhibits:
Exhibit No. Description
----------- --------------------------------------------------------------
6 Amended Confidential Information, Standstill and Nondisclosure
Agreement, by and among Appaloosa Management L.P., Harbinger
Capital Partners Master Fund I, Ltd. and Delphi Corporation,
dated August 25, 2006
Page 9 of 11
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: August 29, 2006
APPALOOSA INVESTMENT LIMITED
PARTNERSHIP I
By: APPALOOSA MANAGEMENT L.P.,
Its General Partner
By: APPALOOSA PARTNERS INC.,
Its General Partner
By: /s/ David A. Tepper
------------------------
Name: David A. Tepper
Title: President
PALOMINO FUND LTD.
By: APPALOOSA MANAGEMENT L.P.,
Its Investment Adviser
By: APPALOOSA PARTNERS INC.,
Its General Partner
By: /s/ David A. Tepper
------------------------
Name: David A. Tepper
Title: President
APPALOOSA MANAGEMENT L.P.
By: APPALOOSA PARTNERS INC.,
Its General Partner
By: /s/ David A. Tepper
------------------------
Name: David A. Tepper
Title: President
APPALOOSA PARTNERS INC.
By: /s/ David A. Tepper
------------------------
Name: David A. Tepper
Title: President
Page 10 of 11
/s/ David A. Tepper
------------------------
David A. Tepper
Page 11 of 11