Motor parts producer Dana Corporation has announced that it continues to be in discussions with banks and financial institutions regarding financing alternatives and expects to reach a resolution within the next two weeks.
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The company made the announcement yesterday (28 February), amid recent falls in shares, credit ratings and net sales. Dana also said that the company obtained a waiver of the minimum required corporate credit rating under its accounts receivable securitisation programme on Friday (24 February).
Both developments are widely reported to make Dana more comfortable and less likely to file for bankruptcy in the short-term.
Dana, based in Toledo, Ohio, employs 46,000 people in 28 countries.
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