Dana Reaches Settlement With Unions

Law360, New York (July 6, 2007, 12:00 AM EDT) -- Bankrupt auto parts company Dana Corp. reached a settlement with the two largest unions that represent its workers on Thursday, allowing Dana to save money as it moves towards exiting Chapter 11 by the end of the year.

Under the agreement, the United Steel Workers and the United Auto Workers unions will exchange their current benefit plans, which include health care for employees and disability benefits for retirees, for voluntary retirement accounts.

Dana simultaneously reached an agreement with the investment firm Centerbridge Capital Partners LP, which...
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