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Dana seeks OK to buy two factories

From detnews| May 11,2007

Dana Corp. is asking a bankruptcy judge for permission to spend about $7.44 million to repurchase two manufacturing plants it leases from a wholly owned subsidiary that isn't in bankruptcy proceedings.

The auto-parts company has been leasing plants in Stockton, Calif., and Danville, Ky., from its Dana Credit Corp. unit, but said in a court filing Tuesday that it will reap accounting benefits if it buys the facilities.

Currently, the company pays Dana Credit Corp., or DCC, a monthly rent of $45,014 for the Danville plant and $130,550 for the Stockton plant.

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