South Florida Bankruptcy Lawyer

After nearly 2 years in Chapter 11 bankruptcy, Dana Corp., a manufacturer of car parts, announced its emergence from bankruptcy Friday. Dana, which produces axles, brakes, and other parts, filed for bankruptcy protection in March of 2006, saying it needed to move manufacturing to lower-cost countries and cut labor costs in order to avoid huge losses in the face of pressure from car makers to lower its prices.

Over the past two years, Dana has sold three businesses, closed eight plants, and renegotiated wage plans with labor unions, and expects to save nearly $500 million per year. Centerbridge Capital Partners, LLP, a private equity firm, has agreed to invest up to $500 million in the company, which has also secured $2 billion in financing from various firms.

If you are facing financial hardship, bankruptcy protection may be what you’re looking for. Contact a Boca Raton bankruptcy attorney from Eric N. Klein & Associates at 561-353-2500 to learn more about your options.