Dana Corp Wins Court Approval for 1.45 Billion Loan
Dana Corp, the Toledo based auto parts maker that sought bankruptcy protection amid rising energy and production costs, won court approval to access 1.45 billion in debtor in possession financing led by Citigroup Bank of America and JPMorgan Chase. The 24 month funding allows Dana to continue operations, retain key advisors, and reject unneeded leases, with major customers including Ford General Motors and Chrysler.
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Dana
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Nnt Henaud
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General Motors Corp
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Jnege Burton Lifland
Debloc
Tenn
Cititroup Inc
Bank of America Corp
Jpmorgan Chase & Co
Bush presses China on trade reform and currency
President Bush urged China to pursue trade reforms to curb the US trade deficit and push for stronger intellectual property rights. He said he will raise issues with Hu Jintao in Washington in mid April, including religious freedom, and noted possible WTO action over piracy. Officials complain yuan undervalued and promise to press for faster currency flexibility.
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Senate Finance Committee
China
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Heyuac
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Lorain National Bank to begin work on new branch
Lorain National Bank will break ground Friday for a new office in the Providence Square retail development in North Ridgeville. The free standing building will house drive in service drive-up ATM late hours depository a contemporary lobby with multiple teller stations and a new center for commercial private banking cost and investment and residential mortgage specialists. Other tenants include Sherwin Williams Paint Stores Georgia Oven refit Pizza and Total Joint Rehab. The bank also announced plans for a Chestnut Commons office in Elyria.
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Total Joint Rehab
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State Route ST
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LNB
Lorain
Cuyahoga
Erie
Supreme Court weighs in on patent fight
The Supreme Court discussed a patent dispute between eBay and a Virginia inventor MercExchange. The case tests whether courts must automatically issue injunctions after juries find patent violations. Lawyers traded barbs with MercExchange labeling eBay a patent troll and eBay calling MercExchange an inactive holder of ideas.
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eBay
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Bay
MercExchange
Amazon.com
Yahoo
Xerox Corp
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