Dana Agrees To $78M Trust For Nonunion Retirees

Law360, New York (March 13, 2007, 12:00 AM EDT) -- Bankrupt auto parts maker Dana Corp. has committed $78 million to a trust for nonunion retirees, even as a hearing got underway to determine if the company can reject its labor contracts and benefits for two major unions.

Dana agreed to immediately put $25 million into the new trust and committed to add another $53 million when the company emerges from bankruptcy, according to a Reuters News report that quoted Dana spokesperson Chuck Hartlage.

Hartlage confirmed the creation of the trust on Monday, adding that it...
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