Dana's UK operations reach agreement to settle liabilities

Newswire

Feb 28 (Reuters) - Dana Corp. said its UK operations reached an agreement with their pension scheme creditors to settle a substantial portion of their historic balance sheet liabilities. Under the terms, UK operations will pay a one-time cash settlement and a transfer of a portion of equity in the business, the bankrupt U.S. auto parts maker said in a statement. The issues faced by the UK business are not the result of its Chapter 11 filing in the U.S., Dana added. (Reporting by Dilipp ...

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