DETROIT -- Troubled supplier Dana Corp., which makes axles, driveshafts and other auto parts, took a step closer to exiting bankruptcy today when a U.S. Bankruptcy Court judge in New York approved the companys disclosure statement for its plan of reorganization.
Dana is now free to solicit votes from its creditors on its reorganization plan. The 103-year-old company, based in Toledo, filed for Chapter 11 protection in March 2006. Next week the company plans to mail creditors details of its reorganization plan. It expects to win approval for its reorganization plan by mid December.
Dana ranks No. 20 on the Automotive News list of the top 100 global suppliers with worldwide original-equipment automotive parts sales of $8.50 billion in 2006.