Dana Automobile Parts files chapter 11 bankruptcy protection.

Looks like fallout from automakers GM and FORD is flowing down to affect more parts suppliers.
I know they make quite a few oem replacement products for the aftermarket.... so
thought this might be of interest.
CHICAGO (Reuters) - Auto and truck parts maker Dana Corp. (NYSE:DCN - news) said on Friday that its U.S. operations have filed for bankruptcy protection, succumbing to declining production at large U.S. customers and high materials costs
The filing covers Dana and 40 U.S. subsidiaries. It excludes Dana's European, South American, Asia-Pacific, Canadian and Mexican subsidiaries, which are operating as normal, Dana said.
Dana has run into numerous rough spots in the past year beyond raw materials costs and declining market share at key North American customers Ford Motor Co. (NYSE:F - news) and General Motors Corp. (NYSE:GM - news)
The bankruptcy adds to a long list of U.S. auto parts makers that have turned to the courts to aid reorganizations in the past two years, including Delphi Corp. (Other OTC:DPHIQ - news), Collins & Aikman Corp. (Other OTC:CKCRQ - news) and Tower Automotive Inc. (Other OTC:TWRAQ - news)
The filing did not surprise industry analysts. Dana, which was in talks with lenders on financing alternatives, on Wednesday announced it had failed to make $21 million of bond interest payments.
David Cole, chairman of the Center for Automotive Research, said a restructuring likely would take at least one year and possibly several, though it shouldn't have a great deal of impact on automakers.
"The whole purpose is to enable the company to restructure to a point where they are once again profitable," Cole said.
Dana posted losses totaling $1.23 billion through the first nine months of 2005, and had postponed a decision on whether to issue a first quarter 2006 dividend until it completes its fourth-quarter and full-year 2005 financial reports.
Dana, a producer of frames, axles and driveshafts, was founded in 1904 as the Spicer Universal Joint Manufacturing Co. It had revenue of $9.1 billion in 2004, its last full year of reported results, and about 46,000 employees worldwide.
Roughly three-quarters of its 2004 sales were derived from automotive systems sales and the rest from truck products.
Dana reported total assets of $7.9 billion and liabilities of $4.7 billion, on a consolidated basis, as of September 30.
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Just read this a little while ago, how much worse can it get :(
------------------------------------ Mike Mangione http://www.carforums.net
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A lot worse if Delphi & UAW go at each other's throats. If there is a strike at Delphi then GM shuts down 2 or 3 days later. Ripple effect will be enormous. If the strike goes for 2-4 months then GM burns through all of their cash and files for bankruptcy. Then it really is "Katie bar the door", who knows what the social, political and economic consequences of *that* will be :-(((((((((
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