LAWSUITS NEWS & LEGAL INFORMATION
Dana Corporation
This is a settlement for the Commercial lawsuit.
Louisville, KY: (Jul-24-07) Sypris Solutions, Inc. and its wholly owned subsidiary, Sypris Technologies, Inc., had brought charges against Dana Corporation over a supply contract. In a settlement reached, Sypris Technologies agreed to resolve all outstanding disputes and enter into a new long-term supply contract. Dana, who is currently under the protection of the United States Bankruptcy Court, has filed a motion for an order approving the settlement agreement with the court in the Southern District of New York.
The settlement agreement would include the opportunity for Dana and Sypris to enter into a new, long-term master supply agreement in lieu of the three existing supply contracts, exchange production of certain non-core components, rebalance production among Sypris plants to reduce costs for both parties, and cease all litigation with regard to prior contract disputes, including the release of Dana from certain committed but undelivered production volumes. Further, Dana will provide Sypris with an allowed general unsecured non-priority claim of $89.9 million. [BUSINESS WIRE: SYPRIS CONTRACT]
Published on Jul-25-07
The settlement agreement would include the opportunity for Dana and Sypris to enter into a new, long-term master supply agreement in lieu of the three existing supply contracts, exchange production of certain non-core components, rebalance production among Sypris plants to reduce costs for both parties, and cease all litigation with regard to prior contract disputes, including the release of Dana from certain committed but undelivered production volumes. Further, Dana will provide Sypris with an allowed general unsecured non-priority claim of $89.9 million. [BUSINESS WIRE: SYPRIS CONTRACT]
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