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Dana Gets Chapter 11 Greenlight

A federal court confirmed Dana Corp.'s (Nasdaq: DCNAQ) Chapter 11 reorganization plan, paving the way for the auto-parts supplier to emerge from bankruptcy by the end of January. Private-equity firm Centerbridge Capital Partners has agreed to purchase $250 million in new Series A preferred shares and plans to backstop $250 million of the $540 million rights offering, according to LBO Wire. A group of Dana bondholders will backstop the sale of the remaining $290 million in Series B preferred shares.