Dana Rids Itself Of Engine Hard Parts Business

Law360, New York (December 4, 2006, 12:00 AM EST) -- Dana Corp., which has been looking to divest certain assets and emerge from bankruptcy by the end of 2007, has agreed to sell its engine hard parts business to German supplier Mahle GmbH for $157 million.

The deal, which was revealed Monday, is still subject to bankruptcy court approval, government regulatory approval and customer closing conditions. Moreover, Dana filed a motion with the U.S. Bankruptcy Court in Manhattan to take competitive bids before the sale becomes final.

“[It’s] a standard element of the bankruptcy process,” said...
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