Dana Corporation (fka DCNAQ)

[goldencalf]

Dana creditors appeal to block reorganization plan

Friday, January 4, 2008

Detroit News Wire Services
Dana Corp. asbestos claimants who sought to block the bankrupt auto parts maker's turnaround plan appealed a federal judge's approval last month of the company's reorganization, Bloomberg News reported today.

U.S. Bankruptcy Judge Burton Lifland in New York confirmed the Chapter 11 plan Dec. 12, overruling objections from the claimants who said the reorganization wrongly protects Dana's assets from personal-injury claims.

"Dana's plans for emergence are unchanged," company spokesman Fred Spar told Bloomberg. Toledo, Ohio-based Dana said it will pay off creditors with new stock under the plan, according to court filings. Dana has said it plans to exit bankruptcy by the end of the month.


http://www.detnews.com/apps/pbcs.dll/article?AID=/20080104/UPDATE/801040431/1148/AUTO01