Dana rejects Appaloosa plan, amends Centerbridge accord

Oct 15, 2007 | 03:02 PM | Philip Burgert

Automotive parts maker Dana Corp. has amended the investment agreement reached in July with Centerbridge Capital Partners LP and rejected an alternative investment proposal from Appaloosa Management LP.

Executives of Toledo, Ohio-based Dana, which has been operating under bankruptcy court protection since March 2006, said New York-based Centerbridge had committed to fully underwrite the purchase of $500 million in convertible preferred Series B shares in addition to having an affiliate buy $250....

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