Dana Corp. said yesterday it has commitments for $2 billion in financing as it tries to exit Chapter 11 bankruptcy at least by the end of January.
The financing, underwritten by Citigroup Global Markets Inc., Lehman Brothers Inc., and Barclays Capital consists of a $650 million asset-based revolving credit facility and a $1.35 billion term loan, said the Toledo automotive parts maker which for bankruptcy in March, 2006.
The company said the money will be used to repay its debtor-in-possession credit facility, make payments required upon exit from bankruptcy, and provide working capital. The commitment letter remains subject to bankruptcy court approval.
Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.