TROY, MI -- Delphi Corp., through its subsidiaries, has entered into an asset sale and purchase agreement with Resilience Capital Partners for the sale of its Wheel Bearings business.

Pursuant to the procedures outlined in the Bankruptcy Code, the company filed a motion with the U.S. Bankruptcy Court for the Southern District of New York to request a bidding procedures hearing on Jan. 25. Following the completion of the bidding procedure process, a final sale hearing is anticipated to be set during the first quarter of 2008.

The final sale of the Delphi Wheel Bearings business is subject to the approval of the U.S. Bankruptcy Court and other closing conditions.

As outlined in the court filing, the asset sale and purchase agreement between Delphi and Resilience Capital Partners includes machinery and equipment, inventory, intellectual property as well as the assignment and assumption of certain customer and supplier contracts and the transition of salaried and hourly workforce. The purchase price for the business is approximately $44.2 million.