Dana Files for Chapter 11 Bankruptcy - Tire Review Magazine

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.

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

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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