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.
More Quotes from Rod Lache:
I think that (labor peace at GM) is largely the news here. They've lost a lot of momentum last year and previous years due to strikes.Rod Lache
This is no big surprise. It's been rumored for some time. As far as share price, I think it depends on who they put in there. Right now there's a vacuum. If they put someone in who is shareholder-oriented, it should help.
Rod Lache
Generally the product is a low volume product, very engineering intensive, so it's expensive to make. GM has too much car capacity and not enough truck capacity. Car plants are operating close to 70 percent capacity, while truck plants are close to 100 percent. You can use that manufacturing plant, maybe for a hybrid sports utility vehiclecar.
Rod Lache
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.
Rod Lache
It doesn't give them the critical mass they need in Japan or any other Asian market. They want to have 25 percent of the Asian market. It's very strongly implied there will be more ma activity in the market.
Rod Lache
They've eroded a lot of their credibility over the past couple of years. (Now) the bar that they set has been lowered again.
Rod Lache
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