25 April 2008
US: Off-highway transmission manufacturer Dana has filed for Chapter 11 bankruptcy protection from its US creditors. The bankruptcy filing applies only to its US businesses and does not directly affect its operations in Mexico, Canada, Asia, Europe and South America. Dana's troubles are linked to the weakness of the US car market. It is a major supplier to both Ford and General Motors, and falling car sales, combined with rising energy and materials costs have been cited as the root causes of its bankruptcy.