Delphi, Hephaestus Forge Deal Over Business

Law360, New York (February 22, 2008, 12:00 AM EST) -- As it struggles to secure sufficient exit financing following court approval of its Chapter 11 reorganization plan last month, Delphi Corp. announced it would sell its wheel bearings business to the auto parts manufacturer that won an official auction.

Kyklos Inc., a wholly owned subsidiary of Hephaestus Holdings Inc., has signed an asset purchase agreement with Delphi, the two companies announced Thursday.

The deal must still receive court approval, which is the subject of a March 19 hearing in the U.S. Bankruptcy Court for the Southern...
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