Bankruptcy Update: Delphi, Verso and Solar Cosmetic

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 can proceed with lawsuit
A New York judge ruled Monday that bankrupt Delphi Corp. can move forward on a suit against erstwhile investors led by Appaloosa Management LP. The lawsuit centers on Appaloosa and the investor group it's heading bailing out on a $2.55 billion equity investment that Delphi built its reorganization plan around. - Ben Fidler

Verso proposes fourth sale
The liquidation of Verso Technologies Inc. will continue with a fourth asset sale since the company's April bankruptcy filing. The defunct provider of products for telecoms is looking to sell its voice-over-Internet-protocol applications and switching business, known as Softswitch, which enables end-to-end IP communications over land lines and wireless links. - Ben Fidler

Solar Cosmetic assets fetch $8.5M
Solar Cosmetic Labs Inc. has generated $8.5 million for its main assets, more than double the guaranteed portion of a lead bid for the sunscreen and skin-care products company. Cocoa, Fla.-based Sun & Skin Care Research Inc. won a bankruptcy auction of Solar Cosmetic's intellectual property and inventory, topping Village Suncare LLC's $4 million stalking-horse bid. - John Blakeley

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