Judge Approves Dana's Union Deal, Despite Objections

Law360, New York (July 27, 2007, 12:00 AM EDT) -- A bankruptcy court judge on Thursday approved a hotly contested deal between bankrupt auto parts maker Dana Corp., its workers and an outside investment firm, overruling objections from creditors and stakeholders.

Judge Burton Lifland of the U.S. Bankruptcy Court for the Southern District of New York said the deal was “in the best interest of the debtors' estates and stakeholders under the circumstances and...that a sound business purpose exists for the debtor's performance [under the agreement].”

The order brings to a close a heated debate between...
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