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.