Dana Corp files for Chapter 11
Mar 9, 2006 10:46 AM
Truck and auto parts maker Dana Corp filed for bankruptcy protection for its US operations March 3.
Dana, which makes brakes, axles and other parts, had been struggling since late 2005 when it announced it was restating earnings and lowering its profit forecast for 2005 because of accounting errors.
Dana truck components are marketed through Roadranger in affiliation with Eaton Corp.
The auto supplier with 46,000 workers worldwide said in January that it lost nearly $1.3 billion in the third quarter last year while realigning its business. The filing does not affect the company's businesses in Europe, South America, Asia, Mexico or Canada, the company said.
