Dana Responds To Criticism Over Deal With Unions

Law360, New York (July 25, 2007, 12:00 AM EDT) -- Bankrupt auto parts company Dana Corp. defended a deal with its unions in court on Wednesday against objections from creditors, who have attacked a deal the company made with its workers' union as ignoring the creditors' interests.

The objectors' concerns stem primarily from a deal with the investment firm Centerbridge Capital Partners LLP, which will fund the deal with Dana's workers. Two creditors, the investment firms Appaloosa Management LP and Brandes Investment Parters LP, have filed objections in bankruptcy court, along with the unsecured creditors' committee....
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