Dana exits Chapter 11 reorganization

Fleet Equipment, Mar 2008

Dana Holding Corp. emerged from Chapter 11 reorganization in February as a new company positioned to compete vigorously in the global automotive, commercial vehicle, and off-highway markets.

Dana's U.S. operations entered Chapter 11 on March 3, 2006. During a comprehensive, 23-month reorganization, the company and its stakeholders achieved $440 million to $475 million in annual cost savings and revenue improvements. These annual savings were achieved primarily from improvements in its manufacturing footprint, reducing labor costs and benefit changes, working with labor and retiree groups to create VEBA trusts to assume ongoing obligations for retiree health and welfare costs, and further reductions in administrative expenses.