Delphi Signs Master Sale Agreement for Interiors and Closures Business

Delphi Files Motion To Request Hearing With The Bankruptcy Court

October 16, 2007, TROY, MICH. -- Delphi Corporation (PINKSHEETS: DPHIQ) has entered into a master sale and purchase agreement with a wholly owned subsidiary of The Renco Group, Inc. for the sale of its global Interiors and Closures business, company officials announced today. The agreement has been approved by Delphi's Board of Directors.

Pursuant to the procedures outlined in the Bankruptcy Code, Delphi filed a motion with the U.S. Bankruptcy Court for the Southern District of New York to request a bidding procedures hearing on October 25, 2007.

Following the completion of the bidding procedure process, a final sale hearing is anticipated to be set for January 8, 2008. The final sale of Delphi's Interiors and Closures business is subject to the approval of the U.S. Bankruptcy Court and other constituencies in the U.S. and abroad.

As outlined in the court filing, the master sale and purchase agreement involves the entire global Interiors and Closures business line, including: book of business, manufacturing operations, intellectual property, personnel, supplier contracts and share of joint ventures. Delphi's Interiors and Closures business operates manufacturing facilities in:

* Gadsden, Alabama
* Cottondale, Alabama
* North Kansas City, Missouri
* Orion, Michigan
* Adrian, Michigan
* Woerth, Germany
* Matamoros, Mexico
* SDADS Joint Venture (Shanghai, China)
* KDS Joint Venture (Daegu, Korea)
* Other contracted manufacturing locations

More information on this agreement and the court filing is available at www.delphidocket.com.

Source: Delphi

Bookmark/Search this post with:

 •    •    •    •    •    •    •    •    •    •