Anderson, Indiana-based Remy International Incorporated plans to sell its M&M Knopf Auto Parts unit back to its original owners for $18.5 million.
Papers Remy filed yesterday in U.S. Bankruptcy Court say the business is not essential to Remy's reorganization. The unit remanufactures parts and deals in scrap metal. It would be sold to Heywood and Marshall Knopf.
Remy filed for Chapter 11 protection last month with plans for a rapid debt reorganization.
The company supplies General Motors Corporation and other auto makers. It has been hit hard by rising raw-materials costs and production cutbacks. Its Chapter 11 plan swaps ownership of the company for debt cancellation. It is expected to slash Remy's balance sheet liabilities by $360 million.
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