Dana reorganization plan approved by 95.74% of voting creditors

By Caroline Salls

Pittsburgh, Dec. 7 - Dana Corp.'s plan of reorganization was accepted by 1,712 of 1,788 voting creditors, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Specifically, 1,710 holders, or 95.74% in number, of $1.402 billion, or 98.21% in amount, in general unsecured claims against the consolidated debtors voted to accept the plan, while 76 holders, or 4.26% in number, of $25.57 million, or 1.79% in amount, of these claims voted to reject it.

Meanwhile, both holders of a total of $1.1 billion in union claims voted to accept the plan.

No ballots were received by holders of the Port Authority secured claim or the DCC claim, according to the filing.

Dana's plan confirmation hearing is scheduled to begin Dec. 10.

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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