Dana Corporation has received some encouraging news in theri ongoing effort to emerge from Chapter 11 protection.
During a confirmation hearing today for Dana Corporation’s Chapter 11 case, Judge Burton R. Lifland of the U.S. Bankruptcy Court for the Southern District of New York announced that he will “entertain an appropriate order of confirmation” with respect to the company’s Plan of Reorganization.
The judge ruled that all Chapter 11 requirements for confirmation have been satisfied. The company is expected to submit the order of confirmation by Dec. 21, 2007.
As previously announced, the company is positioned to emerge from bankruptcy by the end of January 2008.
“This is another important step toward our emergence as a financially stable company that is positioned to compete vigorously in our global markets,” said Dana Chairman and CEO Mike Burns.
Dana is a supplier of axles; driveshafts; and structural, sealing, and thermal management products; as well as genuine service parts.
Based in Toledo, Ohio, the company’s continuing operations employ approximately 35,000 people in 26 countries and reported 2006 sales of US$8.5 billion, with more than half of this revenue derived from outside the United States.
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