Fourth major auto parts supplier goes bankrupt

Another major auto parts supplier has filed for bankruptcy. Dana Corporation -- which supplies major components for Ford and GM -- announced today that in order to address financial and operational challenges that have hampered its performance, the company and 40 of its U.S. subsidiaries have filed petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Dana is the fourth major supplier in just over a year to go bankrupt. The company has secured $1.45 billion to continue operations while it restructures. The company has faced increased financial turmoil as GM and Ford struggle to cut costs. The company is responsible for several Ford platforms, and also builds the Corvette Z06 sports aluminum spaceframe, among others.