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Delphi Cleared to Sell Bearings Business for $46.2M to Kyklos
WASHINGTON (AP) - Troy-based auto supplier Delphi has won court approval to sell its wheel bearings business to Kyklos for $46.2 million.
Judge Robert Drain of the U.S. Bankruptcy Court in Manhattan yesterday approved the sale following an auction last month.
Kyklos is a unit of Hephaestus Holdings. It beat out Resilience Capital¡¯s $44.2 million lead bid at last month¡¯s auction.
Before the auction, Drain cleared Delphi to pay Resilience a $1.5 million breakup fee if its bid was topped at auction.
Delphi¡¯s bearing business is based in Sandusky, Ohio, and employs 1,000 workers.
Delphi has been in bankruptcy proceedings since October 2005. It aims to exit Chapter 11 protection by early April.
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