Report: Dana Hires Restructuring Firm

Posted on February 24, 2006

The Wall Street Journal has reported that Dana Corp. has hired restructuring firm Miller Buckfire & Co. as it grapples with financial losses and operational problems. Miller & Buckfire is considered among the top tier of restructuring specialists.

Shares in Dana Corp. sank as much as 31% during trading this week amid investor fears that more financial woes lay ahead for the company. The stock closed 19% lower at $3.15. Earlier, the company's board postponed action on its first-quarter cash dividend.