Dana Corp. cleared the way yesterday for the sale of some British operations by transferring pension liabilities to a newly formed company.
The move is required under British law to protect the benefits of retirees, Dana said in a statement. Dana said the action isn t related to its 2006 bankruptcy filing.
Dana is selling assets in an attempt to emerge from court protection. Dana intends to sell its engine-parts and fl uid-products businesses and retain its core axle and driveshaft businesses.
The units have operations around the world.