Dana Credit ordered to pay $7.25 million plus interest in notes' non-payment lawsuit

By Caroline Salls

Pittsburgh, Oct. 23 - Dana Credit Corp. was ordered to pay a $7.25 million plus interest judgment in connection with a lawsuit filed by noteholders Great-West Life & Annuity Insurance Co. and Great-West Life Assurance Co. for non-payment of principal and interest on notes that were due in April 2006, according to an 8-K filing with the Securities and Exchange Commission.

The U.S. District Court for the Northern District of Illinois ruled on the lawsuit, and Dana said it is reviewing its options regarding the judgment.

Dana Credit's parent, Dana Corp., a Toledo, Ohio-based supplier of components, modules and systems to vehicle manufacturers and related aftermarkets, filed for bankruptcy on March 3, 2006 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 06-10354.

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