Dana emerges from bankruptcy protection

Truck News

TOLEDO, Ohio — Dana has emerged from Chapter 11 bankruptcy protection and is poised to be a stronger company following a corporate re-organization, officials have announced.

Speaking at the Technology and Maintenance Council (TMC) meetings, Dana’s Bob Goldston said “We’re a leaner, meaner Dana going forward.”

Goldston noted that most of the changes occurred on the automotive side of Dana’s business.

“We never affected any of our customers through our bankruptcy, it was really a non-event,” he said.

Dana went into Chapter 11 bankruptcy on March 3, 2006. In the months that followed, the company re-organized, shaving up to US$475 million in annual costs.

“Fundamental changes have been our objective from the outset of this process,” said Mike Burns, who has stepped down as Dana CEO.

He is replaced by John Devine as executive chairman and acting CEO.

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