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Dana Asks For Additional $40M Backstop Agreement

Law360 (October 19, 2007, 12:00 AM EDT) -- Gearing up for an emergence from Chapter 11 bankruptcy protection, auto parts maker Dana Corp. asked a court to allow the company to obtain a backstop commitment for the purchase of an additional $40 million in Series B preferred stock.

In a motion filed on Friday with the U.S. Bankruptcy Court for the Southern District of New York, Dana asked the court to green light a plan that would allow the company to ask primary investor Centerbridge Capital Partners LP for a backstop commitment for the...
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