Saturday, January 26, 2008
NATION
Judge OKs continuation
of Delphi Corp. auction
NEW YORK — A judge on Friday authorized Delphi Corp. to continue with an auction that could result in the sale of its Ohio-based global bearings business to private equity firm Resilence Capital Partners LLC.
Judge Robert Drain of the U.S. Bankruptcy Court in Manhattan approved procedures for the Feb. 13 auction. He also approved a $1.5 million break-up fee for Resilience Capital, the lead bidder, if the firm is outbid in the auction.
Resilience Capital, through its ND Acquisition Corp. subsidiary, has offered up to $44.2 million for the business. The business, based in Sandusky, Ohio, employs 1,000 workers — including 775 represented by the United Auto Workers union.
Harley-Davidson reports
26.3 percent profit drop
MILWAUKEE — Harley-Davidson Inc. says riders concerned about the economy are throttling big purchases, such as the company’s classic motorcycles, sending its profit down 26.3 percent in the fourth quarter.
Sales in the U.S. were down 14.2 percent in the quarter, the company said Friday. That outpaces the domestic heavyweight motorcycle market’s fall of 9 percent.
Milwaukee-based Harley said its profit for the quarter ended Dec. 31 totaled $186.1 million, or 78 cents per share, compared with a profit of $252.4 million, or 97 cents per share, a year ago. Revenue dropped 7.7 percent to $1.39 billion from $1.50 billion in the period.
Associated Press