Dana Receives Court Approval of Disclosure Statement and Authorization to Solicit Votes on Plan of Reorganization
Oct 23, 2007
TOLEDO, Ohio, Oct. 23 /PRNewswire-FirstCall/ -- Dana Corporation (OTC: DCNAQ) (BULLETIN BOARD: DCNAQ) today announced that the Honorable Burton R. Lifland of the United States Bankruptcy Court for the Southern District of New York approved the Disclosure Statement filed in connection with the company's proposed Plan of Reorganization and authorized Dana to begin soliciting votes from its creditors on its Plan of Reorganization. The Court determined that Dana's Disclosure Statement contains adequate information for creditors who are entitled to vote on the company's Plan of Reorganization.
Dana's confirmation hearing for the Bankruptcy Court to consider approval of the Plan of Reorganization is scheduled to commence on December 10, 2007.
In approximately one week, Dana expects to begin mailing notices of the proposed confirmation hearing to qualified claim holders, and begin the process of soliciting approvals for the Plan of Reorganization.
Dana's Plan of Reorganization and Disclosure Statement are available at: http://dana.bmcgroup.com/.
About Dana Corporation
Dana is a world leader in the supply of axles; driveshafts; and structural, sealing, and thermal management products; as well as genuine service parts. The company's customer base includes virtually every major vehicle and engine manufacturer in the global automotive, commercial vehicle, and off-highway markets, which collectively produce more than 65 million vehicles annually. Based in Toledo, Ohio, the company's continuing operations employ approximately 36,000 people in 28 countries and reported 2006 sales of $8.5 billion, with more than half of this revenue derived from outside the United States. For more information, please visit: http://www.dana.com/.
Certain statements in this news release and statements and projections contained in the Plan of Reorganization and/or the Disclosure Statement (and their exhibits) are, by their nature, forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and projections are subject to uncertainties relating to the debtors' operations and business environment and a number of other risks, uncertainties and assumptions (including, but not limited to, the effects of the debtors' Chapter 11 reorganization and the conduct, outcome, and costs of the Chapter 11 cases, including those uncertainties and assumptions discussed in Section XIV of the Disclosure Statement, "Certain Risk Factors to be Considered"), which are difficult to predict and which are, in many cases, beyond the debtors' control.
In light of these risks and uncertainties, the events and circumstances described in the forward-looking statements and projections in the Plan and/or the Disclosure Statement may not occur and the debtors' actual financial results could differ materially from those expressed or implied in such forward-looking statements and projections. Dana does not undertake to publicly update or revise any forward-looking statements or projections contained in the Plan and/or the Disclosure Statement, whether as a result of new information, future events, or otherwise.Photo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA
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SOURCE: Dana Corporation
CONTACT: Fred Spar, +1-212-521-4813; or Chuck Hartlage, +1-419-535-4728,
both for Dana Corporation
Company News On-Call: http://www.prnewswire.com/comp/226839.html