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Delphi names Platinum Equity company lead bidder for steering and halfshaft businesses
New York, Dec. 10 - Delphi Corp. said Platinum Equity, LLC company Steering Solutions Corp. is the lead bidder for its global steering and halfshaft businesses.
The Troy, Mich., auto parts maker has entered into a sale and purchase agreement with Steering Solutions.
In addition, Delphi has entered into an agreement with General Motors Corp. under which GM will make commitments to Delphi as part of the sale.
Delphi was asked the U.S. Bankruptcy Court for the Southern District of New York to approve the agreements and to hold a hearing on bidding procedures on Dec. 20.
If the procedures are approved, other potential buyers can submit bids. If necessary an auction will be held.
A final sale hearing is expected in February.
Delphi filed for bankruptcy on Oct. 8, 2005. Its Chapter 11 case number is 05-44481.
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