Dana creditors committee OKs $10.7 million in pension plan payments

By Caroline Salls

Pittsburgh, Sept. 6 - Dana Corp. obtained court approval of a stipulation with the official committee of unsecured creditors that will allow the company to make $10.7 million in pension payments due Sept. 15 and Oct. 15, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

According to the filing, the committee agreed to waive its dispute that post-bankruptcy contributions to the pension plans on account of pre-bankruptcy services are not required under the bankruptcy code to allow for the September and October pension plan contributions only.

Dana, a Toledo, Ohio-based supplier of components, modules and systems to vehicle manufacturers and related aftermarkets, filed for bankruptcy on March 3, 2006. Its Chapter 11 case number is 06-10354.

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