EX-99.1 2 ex99-1.txt A-D Acquisition Holdings, LLC 26 Main Street Chatham, New Jersey 07928 April 5, 2008 Delphi Corporation 5725 Delphi Drive Troy, Michigan 48098 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 ("ADAH"), Harbinger Del-Auto Investment Company, Ltd., Merrill Lynch, Pierce, Fenner & Smith Incorporated, UBS Securities LLC, Goldman, Sachs & Co. and Pardus DPH Holding LLC (together with ADAH, 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 ADAH would participate in a capacity different than currently envisioned by the Agreement. [Signature page follows] A-D ACQUISITION HOLDINGS, LLC By: /s/ David A. Tepper ------------------------- Name: Title: John Sheehan/Sean Corcoran/David Sherbin Andrew Rosenberg Delphi Corporation Paul, Weiss, Rifkin, 5725 Delphi Drive Wharton & Garrison LLP Troy, MI 48098 1285 Avenue of the Americas New York, NY 10019-6064 Eric L. Cochran Marie L. Gibson Osamu Watanabe Skadden, Arps, Slate, Meagher & Flom LLP Steve Smith Four Times Square UBS Securities LLC New York, NY 10036 299 Park Avenue New York, NY 10171 John Wm. Butler, Jr. George Panagakis Skadden, Arps, Slate, Meagher & Flom LLP Leslie N. Silverman 333 West Wacker Drive Cleary Gottlieb Steen & Chicago, IL 60606 Hamilton LLP One Liberty Plaza New York, NY 10006 James Bolin A-D Acquisition Holdings, LLC c/o Appaloosa Management L.P. Sandip Khosla 26 Main Street Donald Mullen Chatham, NJ 07928 Goldman, Sachs & Co. 1 New York Plaza Philip A. Falcone New York, NY 10004 Harbinger Del-Auto Investment Company, Ltd. c/o Harbinger Capital Partners Robert Reeder Offshore Manager, LLC Sullivan & Cromwell LLP 555 Madison Avenue, 16th Floor 125 Broad Street New York, NY 10022 New York, NY 10004 General Counsel Timothy Bass Harbert Management Corporation Pardus DPH Holding LLC 1 Riverchase Parkway South 590 Madison Avenue Birmingham, AL 35244 Suite 25E New York, NY 10022 Lynn Toby Fisher/Benjamin Mintz Kaye Scholer LLP Rachel C. Strickland 425 Park Avenue Morgan D. Elwyn New York, NY 10022 Willkie Farr & Gallagher LLP 787 Seventh Avenue Robert Spork / Rick Morris New York, NY 10019-6099 Merill Lynch, Pierce, Fenner & Smith Incorporated 4 World Financial Center New York, NY 10080