Dana Corp. keeps cars and trucks on the road supplying vital engine and chassis organs. But the auto parts supplier’s path out of bankruptcy isn’t proving such an easy ride.  Dana agreed to a deal earlier this month with Centerbridge Capital Partners under which it would receive $750 million of investment. Dana’s largest shareholder, Appaloosa, however, isn’t impressed. In a filing on Thursday, Appaloosa described the deal struck with Centerbridge as “absurd and one sided”.  Appaloosa accused Dana of resisting efforts it had made to gain access to company data and sets out a rival proposal which it describes as “materially superior”. But that doesn’t seem to have reassured the market much with Dana’s shares still trading around a dollar.  “I’m surprised how poorly the equity is trading,” said a bondholder of a rival bankrupt supplier — Delphi. “If there was a strong feeling there was going to be more of a competitive process I think the equity would be trading better than a buck,” said the person, who declined to be named.

(Picture from Dana’s Web site)