Delphi gets court OK for $106 million sale of interiors and closures business

By Reshmi Basu

New York, Dec. 20 - Delphi Corp. received court approval Thursday of the $106 million sale of its global interiors and closures business to a wholly owned subsidiary of the Renco Group, Inc.

No alternative bids were submitted.

As previously reported, a subsidiary of the Renco Group, Inc. submitted a $106 million offer for the business, including an $80 million preliminary purchase price and $26 million in post-closing payments.

The interiors and closures business operates manufacturing facilities in Gadsden, Ala.; Cottondale, Ala.; North Kansas City, Mo.; Orion, Mich.; Adrian, Mich.; Woerth, Germany; and Matamoros, Mexico.

The interiors business produces instrument panels and consoles and cockpits, and the closures business produces vehicle latches and door modules, according to the motion.

The business also operates under joint ventures in Shanghai and Daegu, Korea.

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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