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After 2 Years In Ch. 11, Dana Is Solvent Again

Law360 (February 1, 2008, 12:00 AM EST) -- Dana Corp. emerged from bankruptcy Friday having secured $2 billion in exit financing and having achieved between $440 million and $475 million in annual cost savings,the company said.

The Toledo, Ohio-based the auto parts maker said it reduced labor costs and administrative expenses, created trusts to assume ongoing obligations for retiree health and welfare costs, and improved its manufacturing footprint during its 23 months in Chapter 11.

The company also obtained a $650 million asset-based revolving credit facility and a $1.35 billion term loan facility from...
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