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Business as usual for Dana Europe as US parent files for Chapter 11 Following several announcements indicating further financial problems, Michigan-based Dana Corporation filed for reorganization under Chapter 11 of the US Bankruptcy Code on 3 March. This action only affects the US operations of the company.
The filing for Chapter 11 followed failure to make a payment of $21m in interest on Security Notes due on 1 March. Subsequently Vice President and Chief Financial Officer Robert C. Richter retired from the company on 6 March.
The announcement confirmed that the European, South American, Asia-Pacific, Canadian and Mexican subsidiaries are not included in the Chapter 11 filing, and are operating as normal. The company intends to proceed with the previously announced divestiture and restructuring plans, which include the sale of several non-core businesses, the closure of several facilities and transfer of production to lower-cost locations.
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