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.

Dear 11 Daily Readers (on average)

It has been 13 days since my last post and I feel terrible. I have not been up do date with my posting and I missed a few things in no order:

Paris in jail
Paris out of jail
paris in jail
failed "no confidence" vote in the senate
Recall Carty Campaign
J-Fo and the school board
UT Creating Hybrids
Robert Jobe tried as an adult

Anyway,

Sorry about being gone, please come back as this summer is sure to be grand. You might also check out www.g1ntol.blogspot.com for some a new type of media company. That g1ntol guy sure seems fun.