Dana Corp. Reaches Forbearance Agreement

Law360, New York (April 10, 2006, 12:00 AM EDT) -- Bankrupt Dana Corp. has entered into a forbearance agreement with its bondholders, in an attempt to prevent any disputes related to the outstanding debt that came due in March.

The forbearance agreement will protect the bankrupt automotive parts supplier from noteholders exercising their rights and remedies under default.

Dana has at least $675 million of outstanding debt in the form of notes, according to a U.S. Securities and Exchange Commission filing.

The notes came due on March 3, the day Dana filed for Chapter 11 in...
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