Dana Files Chapter 11 Bankruptcy for U.S. Operations

ehicle-parts supplier Dana Corp. and its U.S. subsidiaries filed for bankruptcy protection Friday, following continuing production cuts by U.S. automakers, Bloomberg reported.

Dana, which makes brakes, axles and other parts for cars and trucks, said it has $1.45 billion in financing to continue operations. The filing excludes Dana’s international operations, Reuters reported.

Toledo, Ohio-based Dana is a 102-year-old company and is the world’s biggest maker of light-truck axles, Bloomberg said.

he company has closed plants and eliminated jobs as it struggled with rising material costs, internal delivery problems and a drop in demand from Ford, Bloomberg said.

Dana had said late last year that it was delaying the release of the statement as it worked to restate previous earnings reports because of improper accounting. (Click here for previous coverage.)