Rod Lache Secured Quotations

We believe that Dana is struggling to obtain secured bank financing and a bank deal may not materialize, or if it does, it may be too small to allow Dana to weather company specific and industry head winds.

Dana is struggling to obtain secured bank financing and a bank deal may not materialize. We remain concerned that Dana will be unable to overcome weak demand outlooks.

We believe liquidity pressures, combined with a weak fundamental outlook could compel Dana to pursue debtor in possession financing and a Chapter 11 reorganization. Given restrictions on secured borrowing and pressure from its suppliers, Dana may not be successful in obtaining sufficient out of bankruptcy secured bank financing.