Our main message to employees is Dana is open for business and will continue to operate in the normal course of business throughout the reorganization process. Dana expects to provide its employees wages, healthcare coverage, vacation and sick leave and similar benefits without interruption.
Even in Chapter 11, we are continuing to operate under normal circumstances. We will continue to ship products on time to all of our customers. We have not disrupted any of our customers at this point and plan to continue meeting our commitments.
Our board of directors determined holding the meeting wasn't the best use of our resources under the current circumstances.
This action is part of Dana's continued effort to improve cost competitiveness throughout its operations. The company expects to achieve this reduction predominantly through normal retirements and attrition.
The sale of the art had absolutely nothing to do with bankruptcy. The decision to sell the art was made long before bankruptcy was being considered.
We are not going to comment on rumors and speculation.
Dana looks forward to continuing its strong relationship with Ford.
Bankruptcy aside, we're always looking to get more out of the space we own and lease. With respect to the bankruptcy, it's premature to say what changes it might entail with respect to our real-estate portfolio.
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