Delphi Wants To Auction Key Unit In $447M Deal

Law360, New York (December 12, 2007, 12:00 AM EST) -- Bankrupt Delphi Corp. has asked a judge to allow it to sell its global steering and halfshaft business to Platinum Equity LLC affiliate Steering Solutions Corp., in a $447 million deal.

In a motion filed Monday in the U.S. Bankruptcy Court for the Southern District of New York, the bankrupt auto parts maker asked the judge to approve the bidding procedures for an auction to sell the unit.

Under the terms, Delphi will receive about $447 million, including about $190 million from Platinum for assumed liabilities...
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