November 16, 2007 10:02 PM
Dana Corp. won approval of the US Bankruptcy Court for the potential resolution of 150,000 asbestos claims against the auto parts manufacturer. The settlement will be paid from insurance proceeds.
Court papers reveal that approximately 7% of the claims involve mesothelioma and cancer and $2 million dollars has been allotted for those claims. Other asbestos claims will be resolved following the corporation’s exit from bankruptcy.
Dana corporation makes drive shafts, axels and other automotive parts. It is basest in Toledo, Ohio. 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/.