TOLEDO, Ohio, Oct. 23 /PRNewswire-FirstCall/ -- Dana Corporation (OTC
Bulletin Board: DCNAQ) today announced that the Honorable Burton R. Lifland
of the United States Bankruptcy Court for the Southern District of New York
approved the Disclosure Statement filed in connection with the company's
proposed Plan of Reorganization and authorized Dana to begin soliciting
votes from its creditors on its Plan of Reorganization. The Court
determined that Dana's Disclosure Statement contains adequate information
for creditors who are entitled to vote on the company's Plan of
Reorganization.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
Dana's confirmation hearing for the Bankruptcy Court to consider
approval of the Plan of Reorganization is scheduled to commence on December
10, 2007.
In approximately one week, Dana expects to begin mailing notices of the
proposed confirmation hearing to qualified claim holders, and begin the
process of soliciting approvals for the Plan of Reorganization.
Dana's Plan of Reorganization and Disclosure Statement are available
at: http://dana.bmcgroup.com.
About Dana Corporation
Dana is a world leader in the supply of axles; driveshafts; and
structural, sealing, and thermal management products; as well as genuine
service parts. The company's customer base includes virtually every major
vehicle and engine manufacturer in the global automotive, commercial
vehicle, and off-highway markets, which collectively produce more than 65
million vehicles annually. Based in Toledo, Ohio, the company's continuing
operations employ approximately 36,000 people in 28 countries and reported
2006 sales of $8.5 billion, with more than half of this revenue derived
from outside the United States. For more information, please visit:
http://www.dana.com/.
Forward-Looking Statements
Certain statements in this news release and statements and projections
contained in the Plan of Reorganization and/or the Disclosure Statement
(and their exhibits) are, by their nature, forward-looking within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements and projections are subject to uncertainties
relating to the debtors' operations and business environment and a number
of other risks, uncertainties and assumptions (including, but not limited
to, the effects of the debtors' Chapter 11 reorganization and the conduct,
outcome, and costs of the Chapter 11 cases, including those uncertainties
and assumptions discussed in Section XIV of the Disclosure Statement,
"Certain Risk Factors to be Considered"), which are difficult to predict
and which are, in many cases, beyond the debtors' control.
In light of these risks and uncertainties, the events and circumstances
described in the forward-looking statements and projections in the Plan
and/or the Disclosure Statement may not occur and the debtors' actual
financial results could differ materially from those expressed or implied
in such forward-looking statements and projections. Dana does not undertake
to publicly update or revise any forward-looking statements or projections
contained in the Plan and/or the Disclosure Statement, whether as a result
of new information, future events, or otherwise.
SOURCE Dana Corporation
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Related links:
http://www.dana.com
http://dana.bmcgroup.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/19990903/DANA
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
http://www.prnewswire.com/comp/226839.html/
CONTACT:
Fred Spar, +1-212-521-4813; or Chuck
Hartlage, +1-419-535-4728, both for Dana Corporation
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