TOLEDO, Ohio (Dec. 27, 2007) — Dana Corp.'s plan of reorganization has been confirmed by the U.S. Bankruptcy Court for the Southern District of New York, the firm said.
The order, signed by Judge Burton R. Lifland, will make it possible for Dana to emerge from Chapter 11 reorganization, which it expects to occur in January.
Dana will have to close its $2 billion exit financing facility and complete customary closing conditions before the emergence can be finalized.
Dana Chairman and CEO Mike Burns said the company looks forward to emerging as a focused, solvent company that is positioned to compete successfully in its global markets.