Toledo's Dana Corp. has agreed to work with creditors to restructure at least $682 million worth of debt issued by Dana Commercial Credit, which is not part of the auto supplier's bankruptcy.
Some of the unit's creditors had contended the notes were due immediately because of the parent company's March 3 Chapter 11 filing in U.S. Bankruptcy Court in New York.
An agreement between Dana and major creditors of the leasing arm reached this week will terminate in 30 days unless the unit files for bankruptcy before then or other events occur, Dana said in a filing with the U.S. Securities and Exchange Commission.
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