Dana files for Chapter 11 bankruptcy

摘要

AFTER a long struggle against falling revenues, Dana Corporation has filed for bankruptcy protection. Dana cited general industry financial deterioration and its inability to renew or expand credit facilities in a timely manner, as it became the first major US automotive components manufacturer this year to file for Chapter 11 bankruptcy protection from creditors. The filing covers Dana and 40 of its US subsidiaries. It excludes Dana's European, South American, Asia-Pacific, Canadian and Mexican subsidiaries, which are operating as normal, the company stated.