Bloomberg reported that Noble International Ltd, a bankrupt auto parts maker based in Troy, Michigan, won court approval to sell its European business to ArcelorMittal SA.

The deal was approved May 29 by US Bankruptcy Judge Marci McIvor in Detroit.

ArcelorMittal, the prior owner, agreed to pay USD 2.1 million in cash and assume the business’ debt, including USD 108 million bank loan.

The sale includes 11 European businesses and all equipment used by at least two Noble units in Australia and Mexico, according to the purchase agreement.

Noble creditors opposed the deal, arguing Luxembourg-based ArcelorMittal offered too little for the business it sold to Noble for USD 300 million in 2007.

(Sourced from Bloomberg)