Court Approves Sale Of Delphi Steering Business

Law360, New York (February 26, 2008, 12:00 AM EST) -- A bankruptcy court judge has approved Delphi Corp.'s $447 million plan to sell its global steering and half-shaft business to Steering Solutions Corp., an affiliate of Platinum Equity LLC.

Judge Robert D. Drain issued an order on Monday approving the sale, making Delphi's steering unit the latest unit the bankrupt auto parts maker has unloaded as it attempts to emerge from Chapter 11.

Approving the sale is “in the best interests of the selling debtor entities, their estates, their creditors, their stakeholders and other parties-in-interest,” the...
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