NEW YORK -- Corporate raider Carl Icahn is facing obstacles trying to buy up the debt of axle maker Dana Corp.
U.S. Bankruptcy Judge Burton Lifland last week delayed a hearing to set up rules for trading Dana's debt and claims until Aug. 9. That was a setback for Icahn's investment firm, American Real Estate Holdings LP, which owns at least $101.3 million in Dana debt.
American Real Estate argued that the delay would put a "chill on the market" for trading in Dana debt and damage American Real Estate's business interests. Dana, of Toledo, Ohio, filed for Chapter 11 protection in March in New York.