From AFX News Limited

TROY, MI -- Delphi Corp. said a U.S. Bankruptcy Court has approved the sale of its automotive catalyst business to Umicore for $75 million. The auto parts maker has been under Chapter 11 bankruptcy protection since Oct 2005.

Delphi, which was spun out of General Motors Corp in 1999, said the U.S. Bankruptcy Court for the Southern District of New York also approved Catalytic Solutions Inc. as an alternate bidder for the operations. Delphi said this would allow it to negotiate a deal with Catalytic Solutions should the agreement with Umicore fall through.

Copyright AFX News Limited 2007. All rights reserved.