Tower Auto Inches Closer To Bankruptcy Exit

Law360, New York (June 6, 2007, 12:00 AM EDT) -- Dismissing union protests, a bankruptcy judge has approved Tower Automotive's disclosure statement, moving the auto parts maker one step closer towards emerging from bankruptcy.

On Tuesday, U.S. Bankruptcy Judge Allan Gropper signed off on the deal, propelling Tower's reorganization plan to creditors for a vote.

“It is hereby ordered that the disclosure statement complies with all aspects of section 1125 of the Bankruptcy Code and Local Rule 3017-1(a) and is hereby approved as containing adequate information,” the opinion stated.

In addition to giving the statement the...
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