This post is a National story with a local Toledo company.
The title link goes to an article I found online from CNN Money. It discusses the steps Dana Corp. has taken to get out of Chapter 11 banruptcy. In the article it mentions the deals it is goin to ink with the UAW (Auto) and USW (steel) unions to convert its helthcare system to a VEBA account which is eplained as:
"A VEBA is a special, tax-deductible trust that can be used to provide certain benefits, such as medical reimbursement, to participants and their beneficiaries"
Included in the deal is also a four year partnership with the two unions and Centerbridge Capital Partners. Centerbridge Capital will be investing money to help with the reorganization of Dana Corp.
I do not have an opinion on the deal, I just hope that the "reorganization efforts" proceed smoothly. I also like the transition of the current healthcare system into the VEBA accounts.
Friday, July 06, 2007
Dana Corp- Works with Investor Group- Tries to inch out of Chapter 11
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2 comments:
I hope they fall on their face and they will with the current manangement. I went out on a disability and according to Dana Corp. I never existed. Years of dedication of 7 days a week. No income for the last 2 years. Dana was really considerate to offer to Cobra medical insurance at our own expense. Get rid of Mike Burns and all of the high paid Corporate idiots and maybe Dana would stand a chance. Due to the piss poor management staff, The dedicated employees are holding the crap bag. But did you notice all of the staffs bonuses. If Corporate was that interested in saving Dana, You would think under the circumstances that they could forfeit their big bucks to get the Corporation out of chapter 11. But they chose to take all retiree pensions, medical and benefits. Some kind of Fortune 500 Company this is. It must be tough for Mr. Burns to take a cut on his bonus. Try living on no income like the rest of us retired and disababled. I bet the plan would change fast.
Thanks for nothing Dana Corp.
Dana Corporation Piss Poor Management Cost Employee and Retiree's Their Life Savings.
I hope they fall on their face and they will with the current manangement. I went out on a disability and according to Dana Corp. I never existed. Years of dedication of 7 days a week. No income for the last 2 years. Dana was really considerate to offer to Cobra medical insurance at our own expense. Stock options were offered and I paid as High as 64.00 per share. Today they are worth .25 cents. Get rid of Mike Burns and all of the high paid Corporate idiots and maybe Dana would stand a chance. Due to the piss poor management staff, The dedicated employees are holding the crap bag. But did you notice all of the staffs bonuses. If Corporate was that interested in saving Dana, You would think under the circumstances that they could forfeit their big bucks to get the Corporation out of chapter 11. But they chose to take all retiree pensions, medical and benefits. Some kind of Fortune 500 Company this is. It must be tough for Mr. Burns to take a cut on his bonus. Try living on no income like the rest of us retired and disababled. I bet the plan would change fast.
Thanks for nothing Dana Corp.
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