NEW YORK (Thomson Financial) - Dana Corp. said the U.S. Bankruptcy Court for the Southern District of New York has confirmed the auto parts maker's plan of reorganization, paving the way for Dana's emergence from Chapter 11 after 21 months.
Dana expects to come out of bankruptcy in January 2008, after the closing of the $2 billion exit financing facility.
Dana filed for bankruptcy in March 2006. Since then, Dana said it had identified, agreed on, and received court approval for $440 million to $475 million in annual cost savings and revenue improvement.
Tomi Kilgore tk1 COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
© 2007 AFX News
