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Group Supports Dana Bid To Scrap Retiree Benefits

Law360 (March 2, 2007, 12:00 AM EST) -- A group of Dana Corp. bondholders has thrown its support behind a motion by the bankrupt auto parts maker to end the non-pension benefits supplied to non-union retirees.

In a response filed with the bankruptcy court Friday, the ad hoc committee of Dana noteholders said it supported the company’s motion for an order authorizing the termination of the unvested benefits.

Dana wants to unilaterally terminate the benefits to non-union retirees and non-union active employees who were hired on or before Dec. 31, 2003.

The Ohio company,...
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