By PYC Bearings
©2004-2008
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.