Dana files for bankruptcy reorganization

Dana, a supplier of drivetrain, chassis, structural and engine technologies, has filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code.

To fund its continuing operations during the restructuring, Dana has secured a $1.45 billion debtor-in-possession financing facility from Citigroup, Bank of America and JP Morgan Chase Bank. Subject to court approval, the credit facility, which replaces the company’s previous $400 million revolving credit facility and $275 million receivables securitization facility, will be used for the company’s normal capital requirements.