Tuesday, May 31, 2016
Current Weather
Loading Current Weather....
Published: Tuesday, 11/13/2007

Court asked to discard Dana asbestos accord

A committee representing asbestos-personal injury creditors in Dana Corp. s bankruptcy has asked a court to throw out the Toledo auto-parts supplier s settlements with 7,500 asbestos creditors unless the company provides more details on the agreements.

In papers filed with the U.S. Bankruptcy Court in Manhattan, the ad hoc committee said Dana s settlement proposal could provide for more favorable treatment for asbestos creditors who opt to settle their claims before the company s Chapter 11 reorganization plan is confirmed.

If the firm agrees to provide details, the committee asked the court to delay a hearing on the proposed settlement scheduled for Thursday. Dana reached a deal last month to pay 7,500 asbestos-personal injury claimants a total of $2 million. It has said asbestos-related personal-injury claims, which totaled 150,000 as of June 30, will pass through its bankruptcy unchanged.

Recommended for You

Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.