Delphi obtains court approval of $42.6 million Saginaw plant sale

By Reshmi Basu

New York, Nov. 29 - Delphi Corp. received court approval Thursday for the $42.6 million sale of its production inventory from its Saginaw, Mich., brake manufacturing plant to stalking horse bidder TRW Automotive Holdings Corp.

There were no other bids, according to Delphi attorney Jack Butler of Skadden, Arps, Slate, Meagher & Flom LLP.

The deal is expected to close by Jan. 2.

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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