REGION

REGION

Appaloosa will stop
trying to block bid

WASHINGTON — Hedge fund Appaloosa Management LP disclosed Friday that it will stop trying to block a bid by Centerbridge Capital Partners to pump $790 million into Dana Corp.’s bankruptcy exit.

Appaloosa said it entered into an agreement Wednesday with Dana, a Toledo, Ohio-based auto-parts maker, to withdraw its appeal of a bankruptcy court’s approval of Centerbridge as Dana’s lead investor. The agreement is subject to court approval, according to a filing with the Securities and Exchange Commission.

Last week, the U.S. Bankruptcy Court in Manhattan authorized Dana to send its Chapter 11 plan to creditors for a vote by Wednesday, Nov. 28. The centerpiece of that plan is a $790 million capital infusion, with Centerbridge as lead investor. It would permit Centerbridge to appoint several of Dana’s directors and have a say in the selection of the company’s top executives after Dana exits bankruptcy protection.

NATION

Nationwide, rigs exploring
for oil and gas decline

HOUSTON — The number of rigs actively exploring for oil and natural gas in the United States dropped by 24 this week to 1,773. Of the rigs running nationwide, 1,424 were exploring for natural gas and 343 for oil, Houston-based Baker Hughes Inc. reported Friday. Six were listed as miscellaneous. A year ago, the rig count stood at 1,697. Of the major oil- and gas-producing states, Oklahoma gained three rigs, and Texas and Alaska each added two. Wyoming lost eight, and California and Colorado each lost one. Louisiana and New Mexico were unchanged.

Paper maker awaits report

BALTIMORE — Paper maker NewPage Corp. will wait for a final report from a federal agency before deciding whether to appeal a decision that American industry was not threatened by imports of Chinese coated paper.

Last year, Dayton, Ohio-based NewPage, which employs 950 people at its Luke mill in Allegany County, became the first U.S. company in 15 years to ask the Commerce Department to impose subsidy-countering duties against any imports from China. The Commerce Department agreed to consider the case, filed against coated free sheet paper imports from China, Indonesia and Korea.

The 5-1 ruling Tuesday by the International Trade Commission overturns antidumping and anti-subsidy duties imposed by the Commerce Department on coated and glossy paper from China, Indonesia and South Korea. NewPage, owned by private equity firm Cerberus Capital, had sought the punitive tariffs, claiming the imports were illegally subsidized and sold at unfairly low prices.

From Vindicator wire service