Delphi gets court approval to sell steering unit

Automotive News | February 21, 2008 - 2:00 pm EST

DETROIT (Reuters) — Bankrupt auto parts supplier Delphi Corp.said today it had received final bankruptcy court approval to sell off its steering business to a unit of private equity firm Platinum Equity LLC.

The transaction is expected to close March 31.

Earlier on Thursday Delphi said it had entered an agreement to sell its bearings business to Novi, Michigan-based Kyklos Inc. after a court-mandated auction.

Delphi, which entered bankruptcy in 2005, has been spinning off units and closing plants as part of a bid to emerge from bankruptcy protection by the end of March.