TOLEDO, Ohio, Dec. 12 /PRNewswire-FirstCall/ -- During a confirmation
hearing today for Dana Corporation's (Pink Sheets: DCNAQ) Chapter 11 case,
Judge Burton R. Lifland of the U.S. Bankruptcy Court for the Southern
District of New York announced that he will "entertain an appropriate order
of confirmation" with respect to the company's Plan of Reorganization. The
judge ruled that all Chapter 11 requirements for confirmation have been
satisfied. The company is expected to submit the order of confirmation by
Dec. 21, 2007. As previously announced, the company is positioned to emerge
from bankruptcy by the end of January 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/19990903/DANA )
"This is another important step toward our emergence as a financially
stable company that is positioned to compete vigorously in our global
markets," said Dana Chairman and CEO Mike Burns.
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 nearly 70
million vehicles annually. Based in Toledo, Ohio, the company's continuing
operations employ approximately 35,000 people in 26 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 and projections contained in this news release 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 successful
emergence of the company from bankruptcy and consummation of the financing
transactions contemplated by the exit financing commitments, and a number
of other risks, uncertainties and assumptions (including, but not limited
to, the debtors' operations and business environment, the effects of the
debtors' Chapter 11 reorganization and the conduct, outcome, and costs of
the Chapter 11 cases), 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 news release 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 news release,
whether as a result of new information, future events, or otherwise.
SOURCE Dana Corporation
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