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Tower gets more time on reorg plan - for the ninth time.(News)
Crain's Detroit Business, March, 2007 by Sherefkin, Robert
Byline: Robert Sherefkin Crain News Service Novi-based Tower Automotive Inc.'s exclusive right to file a Chapter 11 plan of reorganization has been extended to March 21. This is the ninth extension that Tower has obtained in its bid to form such a reorganization plan. Without it, a creditor or the case trustee may file a competing plan.
The company, which makes body structures, assemblies, truck frames and suspension parts, is a key supplier to Ford Motor Co. Other important customers include DaimlerChrysler Corp., Honda, BMW, Fiat and Kia. If Tower again fails to submit a plan and seeks still another extension, CEO Kathleen Ligocki must explain to the U.S. Bankruptcy Court judge why she has been unable to create one in the two years since Tower sought...
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