Noble International, Ltd. (fka NOBLQ)

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looks to be good. up. 04 in after hour.

Noble International In Pact With ArcelorMittal >NOBLFont size: A | A | A6:10 PM ET 5/11/09 | Dow Jones
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Auto-parts maker Noble International Ltd. (NOBL) said Monday it has signed an agreement to sell its European business to ArcelorMittal S.A. (MT), subject to some conditions including bankruptcy court approval.

The Troy, Mich., company said the sale of the business consists of shares of Noble European Holdings B.V. together with the direct and indirect holdings and assets of Noble B.V., according to a Securities and Exchange Commission filing.

Noble International said the assets to be sold won't include Noble BV's 49% equity interest in Sumisho Noble (Thailand) Co. Ltd. or Noble International's 50% equity interest in WISCO Noble (Wuhan) Laser Welding Technology Co. Ltd.

The company said ArcelorMittal will accept the assets subject to around EUR80 million ($108.6 million) in borrowed money at closing; deliver $2.1 million to Noble International by wire transfer or other immediately available funds at the closing and allow Noble International to retain any consideration received by Noble BV for the transfer of Sumisho Noble prior to closing.

Noble International said it won't be released with respect to the subordinated debt owed to ArcelorMittal and its affiliate by the company in the original amount of $65 million.

On April 16, Noble International and some of its U.S. subsidiaries filed for Chapter 11 bankruptcy protection. Noble's European, Asian and Mexican affiliates aren't part of the Chapter 11 filing.

-Gee L. Lee, Dow Jones Newswires; 202-862-1346

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05-11-09 1810ET

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