 |
January 10, 2008 |
|
|
|
 |
DANA CORP: Posts US$29,000,000 Net Loss in Month Ended Nov. 30 Dana Corp. and its debtor-affiliates submitted to the U.S. Bankruptcy Court for the Southern District of New York their monthly operating report for November 2007, disclosing: Dana Corporation Unaudited Condensed Balance Sheet At November 30, 2007 ASSETS CURRENT ASSETS Cash and cash equivalent assets US$1,174,000,000 Accounts receivable Trade 1,407,000,000 Other 293,000,000 Inventories 832,000,000 Assets of discontinued operations 41,000,000 Other current assets 154,000,000 -------------- Total current assets 3,901,000,000 Investments and other assets 0 Investments in equity affiliates 430,000,000 Net property, plant and equipment 1,752,000,000 Other noncurrent assets 1,048,000,000 -------------- TOTAL ASSETS US$7,131,000,000 LIABILITY AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES DIP Financing US$900,000,000 Notes payable, including current portion of long-term debt 177,000,000 Accounts payable 1,115,000,000 Liabilities of discontinued operations 18,000,000 Other accrued liabilities 847,000,000 -------------- Total current liabilities 3,057,000,000 Liabilities subject to compromise 4,009,000,000 Deferred employee benefits and other non-current liabilities 487,000,000 Long-term debt 13,000,000 Minority interest in consolidated subsidiaries 99,000,000 Total liabilities 7,665,000,000 Shareholders' equity (534,000,000) -------------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY US$7,131,000,000 Dana Corporation Unaudited Condensed Statement of Operations For the Month Ended November 30, 2007 Net Sales US$778,000,000 Costs and expenses Costs of sales 745,000,000 Selling, general and administrative expenses 22,000,000 Realignment charges 5,000,000 Other income, net 6,000,000 -------------- Income from operations 12,000,000 Interest expense 10,000,000 Reorganization charges 8,000,000 -------------- Loss before income taxes (6,000,000) Income tax (expense) benefit 9,000,000 Minority interest 2,000,000 Equity in earnings of affiliates 0 -------------- Loss before continuing operations (17,000,000) Loss from discontinued operations (12,000,000) -------------- Net loss (US$29,000,000) Dana Corporation Unaudited Condensed Statement of Cash Flow For the Month Ended November 30, 2007 OPERATING ACTIVITIES Net loss (US$29,000,000) Depreciation and amortization 24,000,000 Loss on sale of business 0 Non-cash portion of U.K. pension charge 0 Increase in working capital (19,000,000) Unremitted equity earnings in affiliates 3,000,000 Other 26,000,000 -------------- Net cash flow provided by (used for) operating activities 5,000,000 -------------- INVESTING ACTIVITIES Purchases of property, plant and equipment (24,000,000) Proceeds from sale of assets 0 Other 0 Net cash flow provided by (used for) operating activities (24,000,000) -------------- FINANCING ACTIVITIES Net change in short-term debt 11,000,000 Proceeds from DIP facility 0 -------------- Net cash flow provided by (used for) financing activities 11,000,000 Net increase (decrease) in cash equivalents (8,000,000) Cash and cash equivalents, beginning of period 1,182,000,000 -------------- Cash and cash equivalents, end of period US$1,174,000,000 Based in Toledo, Ohio, Dana Corporation -- http://www.dana.com/ -- designs and manufactures products for every major vehicle producer in the world, and supplies drivetrain, chassis, structural, and engine technologies to those companies. Dana employs 46,000 people in 28 countries. Dana is focused on being an essential partner to automotive, commercial, and off-highway vehicle customers, which collectively produce more than 60 million vehicles annually. Dana has facilities in China in the Asia-Pacific, Argentina in the Latin American region and Italy in Europe. The company and its affiliates filed for chapter 11 protection on March 3, 2006 (Bankr. S.D.N.Y. Case No. 06-10354). As of Aug. 31, 2007, the Debtors listed $6,878,000,000 in total assets and US$7,551,000,000 in total debts resulting in a total shareholders' deficit of US$673,000,000. Corinne Ball, Esq., and Richard H. Engman, Esq., at Jones Day, in Manhattan and Heather Lennox, Esq., Jeffrey B. Ellman, Esq., Carl E. Black, Esq., and Ryan T. Routh, Esq., at Jones Day in Cleveland, Ohio, represent the Debtors. Henry S. Miller at Miller Buckfire & Co., LLC, serves as the Debtors' financial advisor and investment banker. Ted Stenger from AlixPartners serves as Dana's Chief Restructuring Officer. Thomas Moers Mayer, Esq., at Kramer Levin Naftalis & Frankel LLP, represents the Official Committee of Unsecured Creditors. Fried, Frank, Harris, Shriver & Jacobson, LLP serves as counsel to the Official Committee of Equity Security Holders. Stahl Cowen Crowley, LLC serves as counsel to the Official Committee of Non-Union Retirees. The Debtors filed their Joint Plan of Reorganization on Aug. 31, 2007. On Oct. 23, 2007, the Court approved the adequacy of the Disclosure Statement explaining their Plan. The Court confirmed the Debtor's Plan on Dec. 26, 2007. (Dana Corporation Bankruptcy News, Issue No. 67; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/ or 215/945-7000) |
|
|
||
|
Today's Top Stories have been selected from the Troubled Company Reporter - Asia Pacific. To receive the Full TCR-AP please CLICK HERE.
