Tuesday, Jun 19, 2018
One of America's Great Newspapers ~ Toledo, Ohio


Dana asks hedge fund to submit final offer

Bankrupt auto parts supplier Dana Corp. called on hedge fund Appaloosa Management LP, which earlier this week expressed interest in submitting an investment plan for the company, to submit its final offer by Sept. 21.

Dana made the call in a filing with the U.S. Securities and Exchange Commission yesterday. It said that if the offer came in by that deadline, Dana would evaluate it the week of Sept. 24.

Appaloosa, which holds a 15 percent stake in Dana and is the company s largest shareholder, has criticized a $750 million investment plan by Centerbridge Capital Partners in Dana as inadequate.

Dana filed for Chapter 11 protection in March, 2006, and aims to exit bankruptcy by the end of this year.

Click to comment

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem?

Temporibus autem quibusdam et aut officiis debitis aut rerum necessitatibus saepe eveniet.

Copyright © 2018 Toledo Blade

To Top

Fetching stories…