posted
Dana Corp Secures $2.0 B Exit Financing Tuesday 11/27/2007 7:02 PM ET - Dow Jones News DOW JONES NEWSWIRES Dana Corp. (DCNAQ) said it got commitments for a $2 billion bankruptcy-exit financing facility, ensuring it will be positioned to emerge from bankruptcy by the end of January or earlier. The facility, underwritten by Citigroup Global Markets Inc., Lehman Brothers Inc. and Barclays Capital will consist of a a $650 million asset-based revolving credit facility and a $1.35 billion term loan facility. The Toledo, Ohio, auto parts company said it will use proceeds to repay its debtor-in-possession credit facility, make other payments required upon exit from bankruptcy and provide liquidity to fund working capital. The commitment letter remains subject to bankruptcy court approval. -Jennifer Hodson; 201-938-5400; AskNewswires*dowjones.com > Dow Jones Newswires 11-27-07 1902ET Copyright (c) 2007 Dow Jones & Company, Inc.
-------------------- Please do your DD. Break some bread with me! Posts: 1138 | From: atlanta | Registered: Apr 2006
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Interesting, good catch. Delphi did the same thing and shot to almost $4 a share.
Posts: 100 | From: Michigan | Registered: Dec 2005
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Dana Corp Reports October Net Income Of $18M 4:20 PM ET - Dow Jones News DOW JONES NEWSWIRES Auto-parts supplier Dana Corp. (DCNAQ), which has been in bankruptcy proceedings for more than a year and a half, on Friday reported net income of $18 million for October. The Toledo, Ohio, company had net sales of $799 million for the month, according to a filing with the Securities and Exchange Commission. Dana filed for Chapter 11 protection from creditors in March 2006, one of several U.S. auto-parts companies in reorganization. This week Dana secured $2 billion to finance its planned exit from bankruptcy in early 2008, pending court approval.
-Yogita Patel, Dow Jones Newswires; 202-862-1343; yogita.patel*dowjones.com
> Dow Jones Newswires 11-30-07 1620ET Copyright (c) 2007 Dow Jones & Company, Inc.
-------------------- Please do your DD. Break some bread with me! Posts: 1138 | From: atlanta | Registered: Apr 2006
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Got this news off my scottrade news alert. If this news is correct, this is definitely HUGE for a company that is currently worth $8.5 Million. Next coming weeks should be interesting on this.
-------------------- Please do your DD. Break some bread with me! Posts: 1138 | From: atlanta | Registered: Apr 2006
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quote: "While Dana Corporation (Dana) continues its reorganization under Chapter 11 of the United States Bankruptcy Code (the Bankruptcy Code), investments in Dana securities are highly speculative. Although shares of Dana common stock continue to trade on the OTC Bulletin Board under the symbol “DCNAQ,” the opportunity for any recovery by shareholders under a confirmed plan of reorganization is uncertain. If the Third Amended Joint Plan of Reorganization of Debtors and Debtors in Possession (the Plan) filed with the United States Bankruptcy Court for the Southern District of New York (the Bankruptcy Court) on October 23, 2007, is ultimately confirmed, Dana common shares will be cancelled and shareholders with allowed interests will be entitled to a pro rata share of the assets, if any, that remain in a reserve established for disputed unsecured claims after the holders of allowed unsecured claims have been paid in full, with interest. There is no assurance that the Plan will be confirmed or, if it is, that there will be any residual assets left for the benefit of current holders of Dana common shares. In fact, the Debtors do not currently anticipate that the holders of Dana common shares will receive any distribution under the Plan."
not saying don't play this...if enough peeps buy in not realizing, might go biggely...but unless sumpin's changed, realize the commons are prolly gonna be canceled...
posted
Hey Tex you could be right and I will read more into the terms of the financing, but I am thinking with this much revenue and the profit they can afford to buy back the shares of the company at this cheapies. I just noticed the huge volume at 30mins to close of trading and there the $18 million net income news after close of market today. I will like to believe something is up and it seems good.
-------------------- Please do your DD. Break some bread with me! Posts: 1138 | From: atlanta | Registered: Apr 2006
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posted
Tex is 100% correctamundo. This will go to 0. I followed KLUCQ before it changed over to KALU. Here's my play.... play this for what it is - a quick trade. Then when the new symbol is tradable take a small safe position with a stop loss set... imo things should shape up pretty well. Will it do as well as KALU did when it recovered? Who knows. Your DD - your guess. Kaiser had a lot going for it all the way through their process, you could review their filings and charts to see if dcnaq even has a chance to do as well. Might be worth looking into.
The Dog's disclaimer: Do not trust my input, all things in this arena should be dealt with due diligence, this is not a buy/sell recommendation. Simply an opinion of one sharing with another.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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posted
U.S. Judge Clears The Way For $2B Dana Bankruptcy Exit Loan 14 minutes ago - Dow Jones News (MORE TO FOLLOW) Dow Jones Newswires 12-05-07 1049ET Copyright (c) 2007 Dow Jones & Company, Inc.
-------------------- Please do your DD. Break some bread with me! Posts: 1138 | From: atlanta | Registered: Apr 2006
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posted
Keep an eye out for actual dates, symbol changes etc. my putter is runin kinda slow so i havent found the news yet.
quote:Originally posted by Green_effect: U.S. Judge Clears The Way For $2B Dana Bankruptcy Exit Loan 14 minutes ago - Dow Jones News (MORE TO FOLLOW) Dow Jones Newswires 12-05-07 1049ET Copyright (c) 2007 Dow Jones & Company, Inc.
Thought that was old news... Dana Corporation Secures $2.0 Billion Exit Financing
TOLEDO, Ohio, Nov. 27 /PRNewswire-FirstCall/ -- Dana Corporation announced today that it has obtained fully underwritten commitments for a $2.0 billion exit financing facility, marking a significant step toward the company's timely emergence from Chapter 11 reorganization. These commitments ensure that Dana will be positioned to emerge from bankruptcy by the end of January 2008, or earlier.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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posted
Boodog the initial news was subject to Court Judge approval and today they got clearance from the court for the exit financing. This is good news.
-------------------- Please do your DD. Break some bread with me! Posts: 1138 | From: atlanta | Registered: Apr 2006
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-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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posted
Great.It should mean we still have time to buy while it is at a barginMy entry will be next week when funds become available.Boodog,What are you projetions as far as a price guage on their news?
quote:Originally posted by Bottomfeeder: Great.It should mean we still have time to buy while it is at a barginMy entry will be next week when funds become available.Boodog,What are you projetions as far as a price guage on their news?
imo we need to find out what the new stock symbol will be and when they will start trading under it. This symbol imo will be halted and all funds will go to the creditors.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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Fitch Rates Toledo-Lucas County Port Authority (Ohio) Bond Fund Revs 'BBB '; Negative Watch 13 minutes ago - BusinessWire
Fitch Ratings assigns 'BBB+' ratings to the Toledo-Lucas County Port Authority, OH (the authority) Northwest Ohio Bond Fund (the bond fund), $3,750,000 development revenue bonds, series 2007B (Toledo School for the Arts Project) and $3,300,000 development revenue bonds, series 2007C (Midwest Terminals Project). Robert W. Baird & Co. Inc. will offer the series 2007B and 2007C bonds during the week of Dec. 10. The ratings on the bonds, as well as the 'BBB+' ratings on the bond fund's $85.8 million outstanding development revenue bonds, remain on Rating Watch Negative, reflecting the ongoing Chapter 11 bankruptcy status of the pool's third largest borrower, Dana Corp.
The bond fund bonds issued on behalf of Dana Corp., which account for 6.9% of the portfolio ($6.4 million), are secured by lease payments that are backed by a first mortgage lien and first security interest on Dana's research and development facility and equipment (the project), located in Lucas County. To date, Dana Corp has remained current on its monthly lease payments. On Sept. 5, 2007, the bankruptcy court approved a proposed settlement agreement between Dana and the authority, in which the authority has agreed to a secured claim against the project and Dana has agreed to continue to make lease payments that are sufficient to pay the debt service on the related series 2002B bonds issued by the authority.
The authority established the bond fund in 1988 to advance economic development efforts in the region. After the issuance of the 2007B & 2007C bonds, the bond fund will have 28 participants, with outstanding bonds totaling $92.8 million. The authority remains the program's largest obligor representing 10.9% of the total portfolio.
In addition to lease or loan payments by the pool participants, all of the bond fund bonds are equally and ratably secured by funds held in reserves, which equal $29.4 million or 32% of the principal of all outstanding bonds. The bond fund reserves comprise: primary reserves funded by each borrower equal to approximately 10% of bond principal; program reserves, which include a $6.5 million cash contribution from the authority and a $10 million irrevocable letter of credit from Fifth Third Bank that expires Nov. 15, 2016, subject to extension; and additional reserves specific to certain series of bonds. Shortfalls in bond payments due to loan or lease defaults must be made up first from the defaulting borrowers' primary reserves, then from program reserves, and finally from any remaining primary reserves.
The 2007B bond proceeds will be loaned to the Toledo School for the Arts to refinance outstanding mortgages and to make capital improvements on an existing facility. The 2007B bonds are primarily secured by loan payments and a first mortgage and security interest on the building and improvements. The 2007C bond proceeds will be loaned to Midwest Terminals of Toledo International Inc. to pay a portion of the costs to acquire, construct and improve a 75,000 square foot warehouse facility to be used in stevedoring operations of the company. The 2007C bonds are primarily secured by lease payments and a first mortgage and security interest on the warehouse facility and improvements. Both the 2007B and 2007C bond issues are further secured by the primary and program reserves mentioned above.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
SOURCE: Fitch Ratings
Fitch Ratings Adrienne M. Booker, +1-312-368-5471 (Chicago) David Litvack, +1-212-908-0593 (New York) Cindy Stoller, +1-212-908-0526 (Media Relations, New York)
-------------------- Please do your DD. Break some bread with me! Posts: 1138 | From: atlanta | Registered: Apr 2006
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posted
Thanks Green. Thats a good part of it. The bonds look like they are good to go when they get out of Ch-11.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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quote:Originally posted by Green_effect: This may be big next few weeks. Pay close attention to it.
Do you agree with me about the symbol change and this dcnaq going to 0? Yes this could make for a carefully planned flip but the real money is secured under their restructure financing. This wouldn't be in pennyland with 2b bucks kickin it in the arse imo lol.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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posted
The company has extra liquidity to buy back all outstanding shares of current now(at least this will be the only responsible thing to do) If however they cancel the currently traded shares and start a new one....the bulls are still going to make a bargain momo play before this happens. JMO
-------------------- Please do your DD. Break some bread with me! Posts: 1138 | From: atlanta | Registered: Apr 2006
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posted
These Q's can be real tricky imo. And your stock in today's Dana may not transfer to the stock of tomorrows Dana when it happens. People should read the filings imo. Good luck on the flips until then.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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posted
no, the company is not going to buy back any shares. These q's happen over and over again and people still don't seem to understand how it works. they are great for flipping but the shareholders almost never get anything in the reorgs. Green, you should do a little more research on bankrupty so you understand how it works. happy flipping until then. i think they said the exit will come by the end of Jan.
Posts: 1045 | From: novato,ca,usa | Registered: Aug 2003
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Thanks metal, I will believe most people on here are either Day trading or swing traders, and I wont advise anyone to go long on this. At least play the momo before end of Jan. I got in at .05 and looking for a quick 100% flip. JMHO
-------------------- Please do your DD. Break some bread with me! Posts: 1138 | From: atlanta | Registered: Apr 2006
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quote:Originally posted by Green_effect: Thanks metal, I will believe most people on here are either Day trading or swing traders, and I wont advise anyone to go long on this. At least play the momo before end of Jan. I got in at .05 and looking for a quick 100% flip. JMHO
The only reason I kept posting was to make sure people know this will go to 0. Many people scan this site that do not post and do not research. It may have a run or it may not. And by the looks of it you may have until the end of Jan. I STILL THINK following this for the rebirth will be worth looking into.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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quote:Originally posted by Bottomfeeder: Hey Dog,do you think that they may be on the block for a buyout by Eaton?
BOSTON, Dec 6 (Reuters) - Car and truck parts maker Dana Corp (DCNAQ.PK: Quote, Profile, Research) said on Thursday that it expects current Chairman and Chief Executive Mike Burns to continue to serve as CEO after it emerges from bankruptcy proceedings, but another person would hold the chairmanship.
The company also named the nine directors it expects to hold board seats after emergence. Burns is among them.
Two of the eight non-executive directors are affiliated with Centerbridge Capital Partners, a private equity firm that has agreed to make a $750 million investment in Dana.
They are Mark Gallogly, a managing partner at Centerbridge, and Stephen Girsky, president of Centerbridge Industrial Partners LLC.
Toledo, Ohio-based Dana filed for protection under Chapter 11 of the U.S. bankruptcy code in March 2006. (Reporting by Scott Malone, editing by Gerald E. McCormick and Dave Zimmerman)
Not lookin like a buy out to me.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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