Automotive supplier Dana Corp. files for bankruptcy
The company has a line of credit in place for the Chapter 11 process, and says that the filing will not impact deliveries to customers. The century-old company manufactures heavy components for cars and trucks, including frames, axles and driveshafts. Both Ford and GM are major Dana customers. Automotive News ranks Dana 15th in the top 100 global automotive supplers, with worldwide sales of over $9 billion and over 46,000 employees, 19,000 of which are in the U.S.
The bankruptcy filing covers only Dana and its 40 U.S. subsidiaries. The company's foreign subsidiaries are unaffected.
Dana Corp. now gains the unfortunate distinction of becoming the third-largest automotive bankruptcy in history, behind Delphi and Federal-Mogul.
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