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Dana’s DIP Loan Extended To 24 Months

Law360 (March 29, 2006, 12:00 AM EST) -- Recently bankrupt Dana Corp., concerned with the potential for lengthy Chapter 11 proceedings, has received a six month extension on its debtor-in-possession loan.

“The committee is hopeful that the additional time will provide Dana with the opportunity to complete an effective restructuring within the term of this financing facility and avoid excessive extension fees prior to their exit from these Chapter 11 cases,” Dana’s creditors committee said in a court filing.

The original terms of the loan guaranteed $1.45 billion over 18 months, but Dana told...
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