The ad hoc committee of asbestos claimants, which represents “tens of thousands” of individuals who claim they have been injured by Dana Corp.’s asbestos products, has appealed the confirmation of Dana’s bankruptcy plan. Although the notice of appeal does not provide the basis for the appeal, the committee has argued that the plan does not allocate sufficient money to settle all the claims against Dana Corp. for asbestos-related diseases like malignant mesothelioma. The company claims that its $240 million in cash and other assets is sufficient to cover the asbestos claims against it. The bankruptcy plan provides that unsecured creditors will be paid between 72 percent and 86 percent of the value of their asbestos claims.
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