Delphi's Saginaw plant sale hearing adjourned to Nov. 16

By Reshmi Basu

New York, Oct. 25 - The hearing for approval of Delphi Corp.'s sale of its Saginaw, Mich., brake manufacturing plant to TRW Automotive Holdings Corp. has been adjourned until Nov. 16.

Delphi attorney Jack Butler of Skadden, Arps, Slate, Meagher & Flom LLP asked the court Thursday for more time because there are still unresolved issues between TRW and General Motors Corp.

As earlier reported, TRW has also agreed to buy a portion of Delphi's North American brake component machining and module assembly assets.

TRW has agreed to pay $26.4 million for the assets, plus inventory value.

The assets to be sold are owned by Delphi subsidiaries Delphi Automotive Systems LLC and Delphi Technologies, Inc.

Delphi, a Troy, Mich.-based automotive electronics manufacturer, filed for bankruptcy on Oct. 8, 2005 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 05-44481.

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