Dana creditors committee member granted court OK to continue trading securities

By Caroline Salls

Pittsburgh, April 27 - Dana Corp. official committee of unsecured creditors member P. Schoenfeld Asset Management obtained court approval to continue its business of trading securities and claims against the company in compliance with information-blocking policies and procedures, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.

P. Schoenfeld asked the court to confirm that it will not violate its fiduciary duties as a member of the committee if it continues to trade Dana securities and claims.

According to the motion, the previously established information-blocking procedures will keep P. Schoenfeld personnel from misusing non-public information related to committee activities.

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

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