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Plan of Reorganization

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Sectors: Automotive and Transport Equipment
Governing Law: Delaware, View Delaware State Laws
Effective Date: January 01, 1994
Related Agreement Types:
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JONES DAY
222 East 41st Street
New York, New York 10017
Telephone: (212) 326-3939
Facsimile: (212) 755-7306
Corinne Ball (CB 8203)
Richard H. Engman (RE 7861)


-AND-


JONES DAY
North Point
901 Lakeside Avenue
Cleveland, Ohio 44114
Telephone: (216) 586-3939
Facsimile: (216) 579-0212
Heather Lennox (HL 3046)
Carl E. Black (CB 4803)
Ryan T. Routh (RR 1994)


-AND-


JONES DAY
1420 Peachtree Street, N.E.
Suite 800
Atlanta, Georgia 30309-3053
Telephone: (404) 521-3939
Facsimile: (404) 581-8330
Jeffrey B. Ellman (JE 5638)


Attorneys for Debtors and
Debtors in Possession _____ __, 2007


TABLE OF CONTENTS


Page


ARTICLE I. DEFINED TERMS, RULES OF INTERPRETATION AND COMPUTATION
OF TIME..........................................................1
A. Defined Terms.....................................................1
B. Rules of Interpretation and Computation of Time..................18
1. Rules of Interpretation.....................................18
2. Computation of Time.........................................18 ARTICLE II. CLASSIFICATION AND TREATMENT OF CLAIMS AND INTERESTS; CRAMDOWN;
EXECUTORY CONTRACTS & UNEXPIRED LEASES..........................18
A. Unclassified Claims..............................................18
1. Payment of Administrative Claims............................18
2. Payment of Priority Tax Claims..............................21
B. Classified Claims and Interests..................................21
1. Priority Claims Against the Consolidated Debtors
(Class 1A Claims)..........................................21
2. Priority Claims Against EFMG (Class 1B Claims)..............21
3. Secured Claims Against the Consolidated Debtors Other Than
the Port Authority Secured Claim (Class 2A Claims).........21
4. Secured Claims Against EFMG (Class 2B Claims)...............22
5. Port Authority Secured Claim (Class 2C Claim)...............22
6. Asbestos Personal Injury Claims (Class 3 Claims)............22
7. Convenience Claims Against the Consolidated Debtors
(Class 4 Claims)...........................................23
8. General Unsecured Claims Against EFMG (Class 5A Claims).....23
9. 5.85% Bond Claims (Class 5B Claims).........................23
10. 6.5% and 7% Bond Claims (Class 5C Claims)...................23
11. 9% Bond Claims (Class 5D Claims)............................23
12. 10.125% Bond Claims (Class 5E Claims).......................23
13. Other General Unsecured Claims Against the Consolidated
Debtors (Class 5F Claims)..................................23
14. Union Claim (Class 5G Claim)................................23
15. Prepetition Intercompany Claims (Class 6A Claims)...........23
16. Claims of Wholly-Owned and Majority-Owned Non-Debtor
Affiliates Other than DCC (Class 6B Claims)................23
17. DCC Claim (Class 6C Claim)..................................24
18. Old Common Stock of Dana (Class 7A Interests)...............24
19. Section 510(b) Old Common Stock Claims Against the
Consolidated Debtors (Class 7B Claims).....................24
20. Subsidiary Debtor Equity Interests (Class 8 Interests)......24


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TABLE OF CONTENTS
(continued)


Page


C. Special Provisions Regarding the Treatment of Allowed Secondary
Liability Claims; Maximum Recovery..............................24
D. Confirmation Without Acceptance by All Impaired Classes..........24
E. Treatment of Executory Contracts and Unexpired Leases............25
1. Executory Contracts and Unexpired Leases to Be Assumed......25
2. Approval of Assumptions and Assignments; Assignments
Related to Restructuring Transactions......................26
3. Payments Related to the Assumption of Executory Contracts
or Unexpired Leases........................................26
4. Contracts and Leases Entered Into After the Petition Date...26
5. Rejection of Executory Contracts and Unexpired Leases.......26
6. Bar Date for Rejection Damages..............................27
7. Special Executory Contract and Unexpired Lease Issues.......27
8. No Change in Control........................................28 ARTICLE III. THE GLOBAL SETTLEMENT............................................28
A. Assumption and Assignment of Collective Bargaining Agreements....28
B. Cessation of Union Retiree and Long Term Disability Benefits.....28
C. Contributions to UAW Union Retiree VEBA and USW Union
Retiree VEBA....................................................28
D. Assumption and Assignment of Pension Benefits....................28
E. Emergence Bonus for Union Employees..............................29
F. The New Equity Investment........................................29
G. New Employment Agreements........................................29
H. Limitations on Sales of Core Businesses Prior to Effective Date..29 ARTICLE IV. CONFIRMATION OF THE PLAN.........................................29
A. Conditions Precedent to Confirmation.............................29
B. Conditions Precedent to the Effective Date.......................30
C. Waiver of Conditions to the Confirmation or Effective Date.......30
D. Effect of Nonoccurrence of Conditions to the Effective Date......30
E. Effect of Confirmation of the Plan...............................31
1. Dissolution of Official Committees..........................31
2. Preservation of Rights of Action by the Debtors and the
Reorganized Debtors; Recovery Actions......................31
3. Comprehensive Settlement of Claims and Controversies........31
4. Discharge of Claims and Termination of Interests............31
5. Injunction..................................................32
6. Releases....................................................33


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TABLE OF CONTENTS
(continued)


Page


7. Exculpation.................................................33
8. Termination of Certain Subordination Rights and Settlement
of Related Claims and Controversies........................34 ARTICLE V. MEANS FOR IMPLEMENTATION OF THE PLAN.............................34
A. Continued Corporate Existence and Vesting of Assets..............34
B. Restructuring Transactions.......................................35
1. Restructuring Transactions Generally........................35
2. Obligations of Any Successor Corporation in a Restructuring
Transaction................................................35
C. Corporate Governance and Directors and Officers..................35
1. Certificates of Incorporation and Bylaws of New Dana Holdco
and the Other Reorganized Debtors..........................35
2. Directors and Officers of New Dana Holdco and the Other
Reorganized Debtors........................................36
3. Compliance with Exchange Act by New Dana Holdco.............36
D. New Dana Holdco Common Stock.....................................36
1. Issuance and Distribution of New Dana Holdco Common Stock...36
2. Listing.....................................................36
3. Section 1145 Exemption......................................36
E. Employment, Retirement and Other Related Agreements; Cessation
of Retiree Benefits; Workers' Compensation Programs.............37
1. Employment-Related Agreements...............................37
2. Cessation of Retiree Benefits...............................37
3. Continuation of Workers' Compensation Programs..............37
4. Emergence Bonus for Non-Union Employees.....................37
F. Corporate Action.................................................37
G. Creditor Oversight Committee.....................................38
1. Composition.................................................38
2. Rights and Responsibilities.................................38
3. Fees and Expenses of the Creditor Oversight Committee.......38
H. Special Provisions Regarding Insured Claims......................38
1. Limitations on Amounts to Be Distributed to Holders of
Allowed Insured Claims.....................................38
2. Reinstatement and Continuation of Insurance Policies........38
I. Cancellation and Surrender of Instruments, Securities and
Other Documentation.............................................38
1. Bonds.......................................................38
2. Old Common Stock............................................39
J. Release of Liens.................................................39


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TABLE OF CONTENTS
(continued)


Page


K. Effectuating Documents; Further Transactions; Exemption from
Certain Transfer Taxes..........................................39 ARTICLE VI. PROVISIONS GOVERNING DISTRIBUTIONS...............................39
A. Distributions for Claims and Interests Allowed as of the
Effective Date..................................................39
B. Method of Distributions to Holders of Claims and Interests.......40
C. Compensation and Reimbursement for Services Related to
Distributions...................................................40
D. Provisions Governing Disputed Unsecured Claims Reserve...........40
1. Funding of the Disputed Unsecured Claims Reserve............40
2. Dividends and Distributions.................................40
3. Recourse....................................................40
4. Voting of Undelivered New Dana Holdco Common Stock..........41
5. Tax Treatment...............................................41
E. Delivery of Distributions and Undeliverable or Unclaimed
Distributions...................................................41
1. Delivery of Distributions...................................41
2. Undeliverable Distributions Held by Disbursing Agents.......42
F. Timing and Calculation of Amounts to Be Distributed..............42
1. Distributions to Holders of Allowed Claims in Classes
Other than 5B, 5C, 5D, 5E, 5F and 7B.......................42
2. Postpetition Interest on Claims.............................43
3. Post-Effective Date Interest on Claims......................43
4. Distributions to Holders of Allowed Claims in Classes 5B,
5C, 5D, 5E and 5F..........................................43
5. Distributions to Holders of Allowed Interests in Class 7A
and Allowed Claims in Class 7B.............................43
6. Distributions of New Dana Holdco Common Stock - No
Fractional Shares; Rounding................................44
7. De Minimis Distributions....................................44
8. Administration and Distribution of Union Emergence Shares...44
G. Distribution Record Date.........................................44
H. Means of Cash Payments...........................................45
I. Foreign Currency Exchange Rate...................................45
J. Establishment of Reserves........................................45
K. Surrender of Canceled Instruments or Securities..................45
1. Tender of Bonds.............................................45
2. Lost, Stolen, Mutilated or Destroyed Bonds..................45
3. Failure to Surrender Bonds..................................45
4. Tender of Old Common Stock of Dana..........................46
5. Lost, Stolen, Mutilated or Destroyed Old Common
Stock of Dana..............................................46


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TABLE OF CONTENTS
(continued)


Page


6. Failure to Surrender Old Common Stock of Dana...............46
L. Withholding and Reporting Requirements...........................46
M. Setoffs..........................................................47
N. Application of Distributions.....................................47 ARTICLE VII. PROCEDURES FOR RESOLVING DISPUTED CLAIMS.........................47
A. Treatment of Disputed Claims.....................................47
1. ADR Procedures..............................................47
2. Tort Claims.................................................47
3. Disputed Insured Claims.....................................48
4. No Distributions Pending Allowance..........................48
B. Prosecution of Objections to Claims..............................48
1. Objections to Claims........................................48
2. Authority to Prosecute Objections...........................48
3. Authority to Amend Schedules................................49
C. Distributions on Account of Disputed Claims Once Allowed.........49 ARTICLE VIII.CONSOLIDATION OF THE DEBTORS.....................................49
A. Consolidation....................................................49
B. Order Granting Consolidation.....................................49 ARTICLE IX. RETENTION OF JURISDICTION........................................50 ARTICLE X. MISCELLANEOUS PROVISIONS.........................................51
A. Modification of the Plan.........................................51
B. Revocation of the Plan...........................................51
C. Severability of Plan Provisions..................................51
D. Successors and Assigns...........................................51
E. The New Investment Agreement and Union Settlement Agreements.....51
F. Service of Documents.............................................52
1. The Debtors and Reorganized Debtors........................52
2. The Creditors' Committee....................................52
3. The Retiree Committee.......................................53
4. The Ad Hoc Bondholders' Committee...........................53
5. Centerbridge and CBP........................................53
6. The Unions..................................................53


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TABLE OF EXHIBITS


Exhibit I.A.57 Creditor Oversight Committee Agreement


Exhibit I.A.65 Debtors in the Chapter 11 Cases


Exhibit I.A.91 Principal Terms of the Exit Facility


Exhibit I.A.131 Pension Plans to Be Assumed and Assigned


Exhibit II.E.1.a Executory Contracts and Unexpired Leases to be Assumed


Exhibit II.E.1.c Joint Venture Agreements to be Assumed and Assigned


Exhibit II.E.5 Executory Contracts and Unexpired Leases to be Rejected


Exhibit III.A Collective Bargaining and Related Agreements to be Assumed
and Assigned


Exhibit V.B.1 Restructuring Transactions


Exhibit V.C.1.a Certificate of Incorporation (or Comparable Constituent
Documents) of New Dana Holdco, including New Dana Holdco's
Certificate of Designations and Form Certificates of
Incorporation (or Comparable Constituent Documents) for the
Other Reorganized Debtors


Exhibit V.C.1.b Bylaws (or Comparable Constituent Documents) of New Dana
Holdco and Form Bylaws (or Comparable Constituent
Documents) for the Other Reorganized Debtors


Exhibit V.C.2 Initial Directors and Officers of New Dana Holdco and Each
Other Reorganized Debtor


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INTRODUCTION


Dana Corporation, a Virginia corporation, and the other above-captioned debtors and debtors in possession (collectively, as further defined below, the "Debtors") propose the following joint plan of reorganization for the resolution of the outstanding claims against and equity interests in the Debtors. The Debtors are the proponents of the Plan (as such term is defined below) within the meaning of section 1129 of the Bankruptcy Code (as such term is defined below). Reference is made to the Debtors' Disclosure Statement (as such term is defined below), distributed contemporaneously with the Plan, for a discussion of the Debtors' history, business, results of operations, historical financial information, projections and properties and for a summary and analysis of the Plan. Other agreements and documents supplement the Plan and have been or will be filed with the Bankruptcy Court (as such term is defined below). These supplemental agreements and documents are referenced in the Plan and the Disclosure Statement and will be available for review.


ARTICLE I.
DEFINED TERMS, RULES OF INTERPRETATION
AND COMPUTATION OF TIME


A. DEFINED TERMS


As used in the Plan, capitalized terms have the meanings set forth below. Any term that is not otherwise defined herein, but that is used in the Bankruptcy Code or the Bankruptcy Rules (as each such term is defined below), will have the meaning given to that term in the Bankruptcy Code or the Bankruptcy Rules, as applicable.


1. "5.85% Bonds" means the unsecured notes issued under the 5.85% Bonds Indenture.


2. "5.85% Bonds Indenture" means the Indenture for Senior Securities between Dana, as Issuer, and Citibank, N.A., as Trustee, dated December 10, 2004, relating to the $450 million 5.85% Notes due January 15, 2015, as the same may have been subsequently modified, amended or supplemented, together with all instruments and agreements related thereto.


3. "5.85% Bond Claim" means a Claim against a Debtor under or evidenced by a 5.85% Bond.


4. "6.5% and 7% Bonds" means the unsecured notes issued under the 6.5% and 7% Bonds Indenture.


5. "6.5% and 7% Bonds Indenture" means the Indenture for Senior Securities between Dana, as Issuer, and Citibank, N.A., as Trustee, dated December 15, 1997, relating to the (a) $350 million 6.5% Notes due March 1, 2009, (b) $400 million 7% Notes due March 1, 2029, (c) $150 million 6.5% Notes due March 15, 2008 and (d) $200 million 7% Notes due March 15, 2028, as the same may have been subsequently modified, amended or supplemented, together with all instruments and agreements related thereto.


6. "6.5% and 7% Bond Claim" means a Claim against a Debtor under or evidenced by a 6.5% and 7% Bond.


7. "9% Bonds" means the unsecured notes issued under the 9% Bonds Indenture.


8. "9% Bonds Indenture" means the Indenture between Dana, as Issuer, and Citibank, N.A., as Trustee, Registrar and Paying Agent for the Dollar Securities, and Citibank, N.A., London Branch, as Registrar and Paying Agent for the Euro Securities, dated August 8, 2001, relating to the (a) $575 million 9% Notes due August 15, 2011 and (b)(euro)200 9% Notes due August 15, 2011, as the same may have been subsequently modified, amended or supplemented, together with all instruments and agreements related thereto.


9. "9% Bond Claim" means a Claim against a Debtor under or evidenced by a 9% Bond.


10. "10.125% Bonds" means the unsecured notes issued under the 10.125% Bonds Indenture.


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11. "10.125% Bonds Indenture" means the Indenture between Dana, as Issuer, and Citibank, N.A., as Trustee, Registrar and Paying Agent, dated March 11, 2002, relating to the $250 million 10.125% Notes due March 15, 2010, as the same may have been subsequently modified, amended or supplemented, together with all instruments and agreements related thereto.


12. "10.125% Bond Claim" means a Claim against a Debtor under or evidenced by a 10.125% Bond.


13. "Ad Hoc Bondholders' Committee" means the ad hoc committee of holders of Bonds represented by Stroock & Stroock & Lavan LLP.


14. "Ad Hoc Steering Committee" means DK Partners; Dune Capital Management, LP; Franklin Mutual Advisers; and Silver Point Capital LP or, if any of the aforementioned parties are no longer Bondholders, the four largest Bondholders that have executed appropriate confidentiality agreements with the Debtors and who are members of the Ad Hoc Bondholders' Committee.


15. "Administrative Claim" means a Claim against a Debtor or its Estate arising on or after the Petition Date and prior to the Effective Date for a cost or expense of administration in the Chapter 11 Cases that is entitled to priority or superpriority under sections 364(c)(1), 503(b), 503(c), 507(b) or 1114(e)(2) of the Bankruptcy Code, including: (a) the actual and necessary costs and expenses incurred after the Petition Date of preserving the Estates and operating the businesses of the Debtors (such as wages, salaries, commissions for services and payments for inventories, leased equipment and premises); (b) Claims under the DIP Credit Agreement; (c) compensation for legal, financial advisory, accounting and other services and reimbursement of expenses awarded or allowed under sections 330(a) or 331 of the Bankruptcy Code, including Fee Claims; (d) any Allowed Claims for reclamation under section 546(c)(1) of the Bankruptcy Code; (e) Claims, pursuant to section 503(b)(9) of the Bankruptcy Code, for the value of goods received by the Debtors in the 20 days immediately prior to the Petition Date and sold to the Debtors in the ordinary course of the Debtors' businesses; (f) all fees and charges assessed against the Estates under chapter 123 of title 28, United States Code, 28 U.S.C. Sections 1911-1930; (g) any Claims entitled to administrative priority under the Union Settlement Agreements as approved by the Global Settlement Order; (h) any Claims of Centerbridge entitled to superpriority under the Old Investment Agreement as approved by the Global Settlement Order; (i) any Claims of Appaloosa and the Standby Purchasers arising under the Appaloosa Investment Agreement as approved by the Appaloosa Approval Order; and (j) all Postpetition Intercompany Claims other than Postpetition Intercompany Claims entered into a Debtor's "intercompany equity" account for internal accounting purposes after the close of 2006.


16. "ADR Order" means the Order, Pursuant to Sections 105 and 502 of the Bankruptcy Code and Bankruptcy Rules 3007 and 9019, Approving Alternative Dispute Resolution Procedures to Promote the Resolution of Certain Prepetition Claims (Docket No. 5372), entered by the Bankruptcy Court on May 23, 2007, as it may be amended or supplemented from time to time.


17. "ADR Procedures" means the alternative dispute resolution procedures approved by the ADR Order.


18. "Affiliate" means any Person that, directly or indirectly, through one or more intermediaries, Controls, is Controlled by or is under Common Control with, another Person; provided that, Appaloosa is not to be considered an Affiliate of Dana.


19. "Allowed...Claim" or "Allowed...Interest" means an Allowed Claim or Allowed Interest, as the case may be, in the particular Class or category specified.


20. "Allowed Claim" when used:


a. with respect to any Claim other than an Administrative Claim, means a Claim that is not a Disallowed Claim and:


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(i)(A) is listed on a Debtor's Schedules and not designated in the Schedules as either disputed, contingent or unliquidated and (B) is not otherwise a Disputed Claim;


(ii)(A) as to which no objection to allowance has been interposed on or before the Claims Objection Bar Date or such other applicable period of limitation fixed by the Plan, the Confirmation Order, the Bankruptcy Rules or a Final Order for objecting to such Claims and (B) is not otherwise a Disputed Claim; or


(iii) that is allowed: (A) in any Stipulation of Amount and Nature of Claim executed by the applicable Claim holder on or after the Effective Date, (B) in any contract, instrument or other agreement entered into in connection with the Plan and, if prior to the Effective Dat
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