Dana files for bankruptcy protection

Toledo, Ohio-based Dana Corp. filed for Chapter 11 bankruptcy protection in New York Friday, after continued deterioration of the company’s financial condition.
Dana, which manufactures axle, driveshaft and heavy components, is the second major automotive parts supplier to file for bankruptcy protection. Last October, Delphi Corp. filed for bankruptcy protection.
Dana provides components to such companies as Ford Motor Co. and General Motors.
For the last several months, Dana encountered an increasing number of financial pressures, including a US$1.23 billion loss in the first nine months of 2005.