Wednesday, Jun 29, 2016
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Dana seeks permission for severance payments

Dana Corp. has asked a bankruptcy judge for permission to make nearly $6.4 million in severance payments to employees of divisions that the auto-parts supplier plans to sell or close.

It is unclear when .S. Bankruptcy Court in New York City will hear the matter. Dana filed Chapter 11 in March, faced with cash-flow problems.

The company is offering several severance plans at units it plans to sell or close, including its flight-operations business and its engine hard-parts division. The firm plans to shed operations at 44 locations worldwide with 9,800 employees.

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