Appaloosa signs off on Dana plan
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From Times Wire Reports
Appaloosa Management will support truck and car axle-maker Dana Corp.’s turnaround plan under a Bankruptcy Court settlement.
Appaloosa, based in Chatham, N.J., previously said it may object to Dana’s reorganization plan after Dana rejected Appaloosa’s bid last month to make an equity investment and accepted a competing offer from private equity firm Centerbridge Capital Partners. Centerbridge also supports the settlement.
Appaloosa is Toledo, Ohio-based Dana’s largest shareholder, with a 15% stake.
