Merrill Lynch Uses CDFI Assessment and Ratings System on $93 Million ...

TOLEDO, Ohio, Feb. 1 -- Dana Holding Corporation is today emerging from Chapter 11 reorganization as a new company positioned to compete vigorously in the global automotive, commercial vehicle, and off-highway markets.

Dana's U.S. operations entered Chapter 11 on March 3, 2006. During a comprehensive, 23-month reorganization, the company and its stakeholders achieved $440 million to $475 million in annual cost savings and revenue improvements. These annual savings were achieved primarily from improvements in its manufacturing footprint, reducing labor costs and benefit changes, working with labor and retiree groups to create VEBA trusts to assume ongoing obligations for retiree health and welfare costs, and further reductions in administrative expenses.

"Fundamental change has been our objective from the outset of this process," said Mike Burns. read more