Delphi Asks Court To OK $27.6M Deal With Ener1

Law360, New York (July 14, 2008, 12:00 AM EDT) -- Delphi Corp. has asked a court to approve an agreement with business partner Ener1 Inc. to transfer its interest in a joint venture between the companies to Ener1 in exchange for assets that Delphi can more easily sell.

In 2004, Delphi and Ener1 formed EnerDel, a joint venture that specialized in producing lithium-ion battery technologies. In proportion to their contributions to the venture, Ener1 held 80.5% of EnerDel's common stock, and Delphi held 19.5%.

On Friday, Delphi asked the U.S. Bankruptcy Court for the Southern District...
To view the full article, register now.