Consulting Firm Removes $1M Provision In Dana Case

Law360, New York (May 9, 2006, 12:00 AM EDT) -- Under pressure from the U.S. Trustee, the restructuring firm hired by Dana Corp.’s unsecured creditors has decided to drop a contract provision that would have allowed it to collect a hefty $1 million completion fee.

FTI Consulting, the firm hired to advise Dana’s unsecured creditors, negotiated a deal with the company that would allow it to take in the same completion fee regardless of whether Dana emerges successfully from Chapter 11 or slips into a Chapter 7 liquidation.

“There will be no completion fee payable if...
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