Delphi granted court approval to sell global steering business

By Jennifer Lanning Drey

Portland, Ore., Feb. 21 - Delphi Corp. received court permission to sell its global steering and halfshaft business to Steering Solutions Corp., an affiliate of Platinum Equity, LLC, according to a company news release.

The sale, which was approved Thursday by the U.S. Bankruptcy Court for the Southern District of New York, includes all facets of the $2.7 billion global steering and halfshaft business.

Previous court filings listed the proposed sale price at $447 million, a number that included $190 million in assumed liabilities and estimated restructuring costs, as well as $257 million to be provided by General Motors Corp. as part of the sale. However, a Delphi spokesperson said Thursday that the company had not announced a final selling price due to the complicated nature of the components of the sale.

The sale is targeted to close on March 31.

Delphi is a Troy, Mich., based automotive electronics manufacturer that filed for bankruptcy protection on Oct. 8, 2005. Its Chapter 11 case number is 05-44481.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.