Delphi Plans $19M Sale Of Shock Absorber Factory

Law360, New York (March 11, 2008, 12:00 AM EDT) -- Delphi Corp. has agreed to sell an Ohio shock absorber factory to fellow auto parts maker Tenneco Inc. for roughly $18.8 million as part of its court-approved reorganization plan to exit Chapter 11.

Delphi filed a motion Friday in the U.S. Bankruptcy Court for the Southern District of New York seeking approval of bidding procedures for the sale. Tenneco announced the deal Monday.

A hearing on the motion has been scheduled for March 19. If it is approved, an auction and final sale would take place...
To view the full article, register now.