Bankrupt Dana Rejects Appaloosa Investment Offer

Law360, New York (October 15, 2007, 12:00 AM EDT) -- Bankrupt auto parts maker Dana Corp. said on Friday that it has rejected an alternative investment offer submitted by Appaloosa Management LP.

Dana Corp also said in a statement that it had amended the investment agreement it reached in July with Centerbridge Capital Partners LP, reaffirming that deal as a centerpiece to its bid to emerge from Chapter 11.

“Dana's board of directors reviewed and considered Appaloosa's offer. Following discussions among the parties and the various bankruptcy constituents, Dana's board rejected Appaloosa's offer,” Dana said in...
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