TOLEDO, Ohio (March 9) — Dana Corp. has brought on board two managing directors from AlixPartners, a financial advisory firm specializing in performance improvement and corporate turnaround, to aid the Toledo-based automotive supplier in its Chapter 11 reorganization process.
Ted Stenger was named chief restructuring officer, while Kenneth A. Hiltz will serve as chief financial officer. Both will report to Mike Burns, Dana chairman and CEO.
Dana Corp. and 40 of its U.S. subsidiaries filed voluntary petitions for Chapter 11 bankruptcy protection on March 3 so it can address financial and operational challenges.
Stenger´s main duties will include communicating with creditors during Dana´s reorganization, along with many other key elements of the Chapter 11 process, according to Burns. "He will also work closely with our senior management team as we develop our reorganization plan to emerge from Chapter 11 as a strong company and a vigorous competitor in the automotive industry," Burns said.
Hiltz takes over for Robert C. Richter, who retired March 6 after more than 30 years with Dana. "Ken possesses a strong leadership background in corporate turnarounds, restructurings and reorganizations that will benefit Dana as we work to position our company for greater financial health and operational growth," Burns said.