Tuesday, Oct 25, 2016
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Financing set for Dana to exit from bankruptcy

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.

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