Tower files plan to leave Chapter 11 protection.(Tower Automotive Inc.)(Brief article)

Automotive News, May, 2007 by Snavely, Brent

Byline: Brent Snavely

Supplier Tower Automotive Inc. said last week that it has filed a plan of reorganization with the U.S. Bankruptcy Court in New York.

And, as expected, the supplier said private equity firm Cerberus Capital Management LP has filed an asset purchase agreement to acquire the company.

Cerberus, which is vying to acquire the Chrysler group, revealed plans in late March to purchase Tower's assets for about $1 billion. Cerberus also was interested in buying Delphi Corp. but pulled out of the chase last month.

Tower expects to close the deal with Cerberus by July 31, after the completion of a competitive bidding process. Other interested buyers can submit bids for Tower until June 20. If those bids are received, a...

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