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Delphi loses its bearings in court-ordered auction

By Automotive Staff | February 27, 2008
Kyklos Inc., a parts supplier, was the winner of Delphi Corp.'s auction of its wheel bearings business. Delphi Corporation, a major auto parts supplier that filed for bankruptcy protection in 2005, originally planned to sell the business to Resilience Capital Partners. But due to interest from competitors, the federal bankruptcy court which is handling Delphi's bankruptcy ordered an auction. The deal included the sale of such assets as machinery, inventory,contracts as well as a manufacturing facility in Ohio. The court still has to approve of the sale but it is hoped by both companies that things will be buttoned up by April 30. via Detroit News
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