Dana Corp- Works with Investor Group- Tries to inch out of Chapter 11

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.