Story on Yahoo News regarding the Dana bankruptcy. Dana manufactured asbestos containing products, including Victor gaskets. The company went into bankruptcy in 2006. Dana claims to have $240 million in cash and assets to cover future asbestos liabilities.
The company made an agreement with a group of over 7,000 asbestos victims to settle their claims for $2,000,000. A group representing tens of thousands of asbestos victims has filed an objection to Dana’s proposed bankruptcy plan, arguing that the company has not set aside enough to cover its asbestos liabilities.