Bankruptcy Update: Delphi, Dawahare's, Diablo and more

Here are some of the latest bankruptcy stories our reporters have been covering Tuesday morning on TheDeal.com. For more check out the bankruptcy channel on TheDeal.com or visit Bankruptcy Insider.

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Delphi hires adviser
Delphi Corp. said that it has hired W.Y. Campbell & Co. to help sell its brake business. The Troy, Mich.-based auto parts maker's unit is expected to pull in about $295 million in 2008 revenue and has more than 1,000 employees through three manufacturing facilities in Mexico and China. Delphi filed for Chapter 11 on Oct. 8, 2005. The parts maker has sold off several noncore assets during its bankruptcy stay. - Ben Fidler

Judge OKs Dawahare's bid procedures
Dawahare's of Lexington LLC is set to auction the right to hold going-out-of-business sales at its remaining stores on Tuesday. The bid procedures name Hilco Merchant Resources LLC as stalking-horse bidder to conduct the going-out-of-business sales at Dawahare's 22 remaining stores. Hilco has offered 31.5% of the value of the merchandise, which is estimated to be worth $8.6 million. - Jamie Mason

Diablo looks to August auction
Diablo Grande LP has been infused with a second debtor-in-possession loan as the resort owner inches closer to an August auction. According to papers filed with the U.S. Bankruptcy Court for the Eastern District of California in Modesto, the owner of the unfinished Diablo Grande destination resort has been permitted to hold an auction for its assets next month. - Ben Fidler

Western makes bed in Ch. 11
Western Nonwoven Inc., a maker of materials used in mattresses that's owned by a unit of Cerberus Capital Management LP, filed for bankruptcy Monday with plans to sell most of its textile assets for at least $4 million to SBC Manufacturing Co. LLC. - Terry Brennan

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