Delphi has accepted a proposal for an equity purchase and commitment agreement with affiliates of Appaloosa Management, Cerberus Capital Management and Harbinger Capital Partners Master Fund I, as well as Merrill Lynch & Co. and UBS Securities to invest up to $US3.4bn in preferred and common equity in the reorganised Delphi to support the company's transformation plan announced on 31 March, 2006 and its plan of reorganisation framework agreement.