Private Equity To Drive Tower's Exit From Ch. 11

Law360, New York (May 3, 2007, 12:00 AM EDT) -- An infusion of cash from private equity firm Cerberus Capital Management LP will fund Tower Automotive Inc.’s exit from bankruptcy by the end of July, according to the company's recently filed reorganization plan.

Michigan-based Tower, which filed its Chapter 11 plan Tuesday, said it expected to sell all of its assets to Cerberus by July 31, 2007. However, to maximize the value of their estate, debtors like Tower are required to hold a competitive auction and consider the overall impact of any given offer.

Tower Spokesman...
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