CHICAGO, Sept. 4 /PRNewswire/ -- Stahl Cowen Crowley LLC, of Chicago, IL, counsel to the Chapter 11 Dana Retiree Committee, is pleased to announce that Dana Corporation, Inc. has entered into a settlement agreement with the Dana Retiree committee over the retiree's rights to benefits. Dana had sought Bankruptcy Court approval to terminate all of its retirees' rights to health benefits. As a result of the settlement Stahl Cowen Crowley negotiated on behalf of Dana's non-union retirees, Dana will (1) pay for retiree benefits for non-union retirees through July 1, 2007; (2) contribute $78 million dollars to fund a trust be used for providing retiree benefits (3) pay for the cost of setting up the trust; and (4) work with the Retiree Committee to explore offering life insurance conversions (with the cost being paid by any retiree seeking conversion) when and if the underlying policies allow for conversions. The Retiree Committee will, through the trust, create new health insurance plans for the retirees to move into, with the trust funds to be used to pay for a portion of the premiums of such plans through the remainder of the retirees' lives.
Stahl Cowen Crowley, led by Jon Cohen and Trent Cornell, was selected to serve as counsel for the Non-Union Retiree Committee of Dana and 40 of its subsidiaries in September 2006. Mr. Cohen and Mr. Cornell previously served as lead counsel to the retiree committees in FV Steel, Inc. (Keystone) and Intermet, Inc. and their debtor affiliates. Stahl Cowen Crowley has extensive experience representing Chapter 11 retiree committees, having represented more Chapter 11 retiree committees than any other firm in the country.
Stahl Cowen Crowley LLC is a Chicago-based law firm focused on serving the needs of business enterprises in today's dynamic marketplace. The firm provides sophisticated, yet cost effective legal counsel to organizations ranging from the entrepreneurial to large, publicly traded corporations and municipalities. Practice areas include Bankruptcy & Restructuring, Corporate, Mergers & Acquisitions, Litigation, Local Government, Real Estate and Trusts & Estates.
For further information about this matter please contact Jon Cohen or Trent Cornell at (312) 641-0060.
|SOURCE Stahl Cowen Crowley LLC|
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