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Dana Files for Chapter 11 Bankruptcy

(Akron/Tire Review) Dana Corp. and 40 of its subsidiary companies in the U.S. filed for Chapter 11 bankruptcy Mar. 3.

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The move, long expected by auto industry analysts, does not include Dana’s operations in Europe, South America, Canada, Mexico or Asia.

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While under reorganization, Dana secured $1.45 billion in debtor-in-possession financing to fund its continuing operations.

The Toledo, Ohio-based firm employs 19,000 in the U.S. and supplies axles, drive shafts, chassis and steering components, brakes and other components to a wide range of automakers, including troubled GM and Ford.

Dana joins a growing list of auto industry suppliers – including Delphi Corp., Collins & Aikman Corp., Tower Automotive Inc. and Meridian Automotive Systems – that have filed for bankruptcy in the past year due to a downturn in the U.S. auto market.

As part of its restructuring efforts, Dana said it will sell off certain non-core operations and close an undetermined number of plants, and move some manufacturing to low-cost locations.

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