Distressed Interest From Afar

China might want out of some U.S. assets, but also appears to have an appetite for troubled businesses

June 12, 2009

It never received much in the way of press coverage, but when Delphi Corp. was shopping its wheel bearings business out of bankruptcy last April, one of the interested parties included a company called Wanxin Machinery. Not a familiar face domestically, its presence in the process did not raise suspicions, especially since the company failed to proffer a winning bid. Those that took part, however, confirm that Wanxin had more than a passing interest. Fast forward 12 months, and a joint venture called BeijingWest Industries Co. is poised to do what Wanxin could not.

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