Dana Corporation Receives Court Approval of Settlement Agreements with USW & UAW



Judge Burton R. Lifland of the U.S. Bankruptcy Court for the Southern District of New York today granted approval of the settlement agreements between Dana Corporation (OTCBB: DCNAQ) and each of the United Steel Workers (USW) and the United Auto Workers (UAW), as well as an investment agreement with Centerbridge Capital Partners, L.P., for a major investment in the company.

The judge also approved a plan support agreement with the USW, the UAW, and Centerbridge, under which these parties will support a plan of reorganization filed by Dana that includes both the labor settlements and the Centerbridge investment agreement.

“We are pleased with the Court’s approval of these agreements, which we believe preserves significant value for all of our constituents,” said Dana Chairman and CEO Mike Burns. “Today’s developments support Dana’s long-term success and keep our company on the path to file our reorganization plan by the beginning of September and to emerge from bankruptcy by year end as a competitive and sustainable business.”

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