TROY, Mich. (AP) — Bankrupt auto supplier Delphi Corp. said Tuesday it agreed to sell its global steering and halfshaft business to a private equity group.
Delphi did not disclose financial terms of the deal with Steering Solutions Corp., a unit of Platinum Equity LLC.
The company also said it sealed a ''transaction facilitation agreement'' with General Motors Corp. that foresees GM ''making certain commitments to Delphi in connection with the sale. Specifics of that agreement were not disclosed. GM owned Delphi and was its primary customer. The carmaker retains responsibility for some of Delphi's long-term labor obligations.
As part of the Delphi's bankruptcy agreement, the company must submit the proposal for approval by the bankruptcy court. The company must also review any binding bids from other parties and accept the one deemed highest, or best, by the court. Delphi expects to gain approval for the Platinum bid in February.