Toledo s largest corporation, which is in bankruptcy, disclosed yesterday that it expects to record an impairment charge of about $175 million in the third quarter from the sale of some of its credit unit s assets.
Dana Corp., an automotive parts maker, said in a U.S. Securities and Exchange Commission filing that it has accelerated the sale of the assets of unit Dana Credit Corp., once it reaches an agreement with its noteholders. Then, the proceeds
from the sale would be used to make payments to the noteholders.
In past SEC fi lings, Dana said the value of the outstanding notes is about $399 million and Dana Credit estimated its assets could yield sale proceeds of $200 million to $300 million.
Yesterday, the parent firm said that because of accounting principles, it is required to
record an impairment charge against some of the assets it has decided to sell.