As part of its prepackaged plan of reorganization, Remy International is selling M&M Knopf Auto Parts back to its original owners. Remy will get $18.5 million for the unit, which remanufactures parts and deals in scrap metal.
According to a report from the Associated Press, the business unit is being sold back to its original owners, Heywood and Marshall Knopf, who currently own five of six leases related to the business.
In court papers filed on Tuesday, Remy stated the business unit is not essential to the company’s reorganization.