Tier-1 automotive parts supplier Dana Corp. announced Monday that is discussing financing issues with banks and lenders, with hopes of coming up with a plan within a two-week timeframe.
On this news, its stock shares rebounded sharply (18-percent) to $1.78 on the New York Stock Exchange after tanking 52-percent last Friday to its lowest price in more than 36 years.
Dana has been taking a beating on the Street since it restated its earnings last autumn and revised its profit projections for 2005 due to accounting issues. Energy and steel price increases haven't helped matters either.
Regardless, analysts see this as a good sign, in that Dana doesn't view itself as a dead company walking, contemplating bankruptcy.