Delphi gets court OK for $75 million catalyst business sale to Umicore

By Reshmi Basu

New York, Aug. 16 - Delphi Corp. received approval Thursday for the $75 million sale of its global original equipment and aftermarket catalyst business to Umicore SA from the U.S. Bankruptcy Court for the Southern District of New York.

In June, Belgian metals firm Umicore submitted a stalking horse bid of $55.6 million. Subsequently, Oxnard, Cal.-based Catalyst Solutions, Inc. made a counter offer of $58.1 million.

An auction was held on Aug. 8, in which Umicore emerged as the winner with a $75 million bid, an increase of $19.4 million over the initial offer.

Catalytic Solutions has been named the alternative bidder with its $68.6 million bid.

The sale is expected to close before the end of 2007.

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 05-444

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