Dana Corp. Edges Closer To Chapter 11, Says Moody’s

Law360, New York (March 2, 2006, 12:00 AM EST) -- In the wake of Dana Corp.’s failure to make $21 million in bond interest payments, the likelihood that the embattled auto parts maker will soon file for bankruptcy protection has been “dramatically heightened,” Moody’s Investors Service said Thursday.

Dana sparked fresh bankruptcy worries On Wednesday after revealing that it had been unable to meet interest payments on two of its senior notes, due that day.

In response, Moody’s Investor Services immediately lowered Dana’s rating, emphasizing the company’s negative outlook.

“[The move] reflects the continuing uncertainty of...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.