Delphi selects $75 million Umicore bid following catalyst business auction

By Caroline Salls

Pittsburgh, Aug. 9 - Delphi Corp. has selected Umicore as the successful bidder for its global original equipment and aftermarket catalyst business with a $75 million bid, according to a Delphi news release.

The sale hearing is scheduled for Aug. 16, and the sale is expected to close before the end of 2007.

Delphi said it will also submit the second highest bid it received from CSI at the Aug. 8 auction for approval as an alternate bid if the Umicore transaction does not close.

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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