Delphi Signs Agreement to Sell Mexican Brake Plant, Files Motion to Request Hearing With the Bankruptcy Court
TROY, Mich. -- Delphi Corporation (PINKSHEETS: DPHIQ) has announced that two of its subsidiaries have entered into an asset sale and purchase agreement with Robert Bosch LLC and its affiliate Frenados Mexicanos, S.A. de C.V., for the sale of their brake components business, including a manufacturing plant in Saltillo, Mexico. Pursuant to the procedures outlined in the Bankruptcy Code, the company filed a motion today with the U.S. Bankruptcy Court for the Southern District of New York to request a bidding procedures hearing on June 26, 2007.
Following the completion of the bidding procedure process, a final sale hearing is anticipated to be set for July 19, 2007. The final sale of the plant is subject to the approval of the U.S. Bankruptcy Court.
As outlined in the court filing, the $15 million asset sale and purchase agreement between Delphi and Bosch includes:
Purchase of land
Transfer of facility lease
Machinery and equipment
Assignment and assumption of certain contracts
More information on this agreement and the court filing is available at www.delphidocket.com.
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