Dana’s Incentive Plan Draws Fire From Creditors

Law360, New York (August 14, 2006, 12:00 AM EDT) -- Creditors of Dana Corp. said Monday that the auto parts supplier’s executive bonus plan could create a “windfall” for six top executives if they are able to direct the company to slash workers’ retirement benefits.

The creditors opposed the plan in a filing with the U.S. Bankruptcy Court in the Southern District of New York, signifying that Dana has made little headway in gaining creditors’ support for its incentive plan to keep top executives from leaving the company while in bankruptcy.

Toledo, Ohio-based Dana made changes...
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