Dana granted six-month exclusivity extension

By Jennifer Lanning Drey

Eugene, Ore., June 28 - Dana Corp. obtained a six-month extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company's exclusive plan filing period was extended to Jan. 3, 2007 from July 3 and the solicitation period to March 5, 2007 from Sept. 4.

The company previously said in a motion that the extension is necessary for it to have time to complete its post-bankruptcy strategic business plan, which includes completing the review of legacy obligations, establishing a claims bar date and concluding various asset sales.

The company said it cannot begin to develop and negotiate a plan of reorganization until after the strategic plan process is complete.

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

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