Dana granted final court OK to limit equity and debt securities trading for tax purposes

By Caroline Salls

Pittsburgh, Aug. 9 - Dana Corp. was granted final court approval to limit trading in its equity and debt securities to preserve its net operating losses for tax purposes, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

According to the order, equity holders must notify the company if they own a threshold amount of the company's securities and follow specified procedures if they plan to "sell-down" any of the securities in connection with the company's plan of reorganization.

Equity holders must also comply with confidentiality provisions in their initial and final holdings reports, sell-down notices and notices of compliance.

Dana, a Toledo, Ohio-based supplier of components, modules and systems to global vehicle manufacturers and related aftermarkets, filed for bankruptcy on March 3. Its Chapter 11 case number is 06-10354.

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