TOLDEO, Ohio (Jan. 9) — Dana Corp. has filed a motion seeking to amend its $1.45 billion debtor-in-possession credit agreement as the company attempts to emerge from Chapter 11 bankruptcy protection.
Dana is seeking court approval for an increase in the amount available under its term loan facility from $700 million to $900 million. Citigroup Corp. and Investment Banking agreed to underwrite the proposed increase.
The motion was filed in the U.S. Bankruptcy court for the Southern District of New York and is scheduled to be heard Jan. 24.
"While we are pleased with the restructuring progress that Dana has achieved over the past nine months, especially under challenging market conditions, the additional funding and financing flexibility that will result from the proposed amendment position us to complete our restructuring and emerge from Chapter 11," said Mike Burns, Dana chairman and CEO.