Dana Corp. Files For Bankruptcy

Law360, New York (March 3, 2006, 12:00 AM EST) -- Parts maker Dana Corp. has become the latest company to succumb to the financial woes plaguing the auto industry, filing for Chapter 11 protection after missing $21 million in debt payments.

In the Chapter 11 filing, Dana listed assets of $7.9 billion and liabilities of $4.7 billion. The company will fund its restructuring with a $1.45 billion facility from Citigroup, Bank of America and J.P. Morgan Chase.

Dana’s finances have been on a steady decline, with the company reporting in January that it lost $1.3 billion...
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