Dana Corporation Receives Court Approval of Settlement Agreements with USW & UAW

Dana Corporation Receives Court Approval of Settlement Agreements with USW & UAW Judge Burton R. Lifland of the U.S. Bankruptcy Court for the Southern District of New York today granted approval of the settlement agreements between Dana Corporation (OTCBB: DCNAQ) and each of the United Steel Workers (USW) and the United Auto Workers (UAW), as well as an investment agreement with Centerbridge Capital Partners, L.P., for a major investment in the company. The judge also approved a plan support agreement with the USW, the UAW, and Centerbridge, under which these parties will support a plan of reorganization filed by Dana that includes both the labor settlements and the Centerbridge investment agreement. ¡°We are pleased with the Court¡¯s approval of these agreements, which we believe preserves significant value for all of our constituents,¡± said Dana Chairman and CEO Mike Burns. ¡°Today¡¯s developments support Dana¡¯s long-term success and keep our company on the path to file our reorganization plan by the beginning of September and to emerge from bankruptcy by year end as a competitive and sustainable business.¡±