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.
More Quotes from Rod Lache:
It looks like cost savings are trending better than expected and Asia and Latin America are getting close to turning the corner. On the negative side, Europe is having some pretty disappointing profitability.Rod Lache
I don't see this as resulting in anything dramatically negative. Over time, you'll see incentives rising everywhere. But it's not anything scary yet.
Rod Lache
Korea is the sixth largest car market in the world, and companies need the distribution network that Daewoo has. It also is a good platform with its low cost small car to move into China. It might not be the hottest one at the dance, but it's the only single one.
Rod Lache
No matter what it looks like, reaching a deal will involve some cost to GM, ... But on the positive side, we believe that GM will likely avoid a potentially devastating shutdown of its North American operations.
Rod Lache
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.
Rod Lache
The full benefit of the 18 million vehicle sales pace a year ago was never really achieved because of severe negative pricing over last couple of years. What's going to happen as auto demand decline you're not going to see pricing go up, you'll see pricing go down more.
Rod Lache
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