Tower Strikes Deal With Unions

Law360, New York (June 29, 2007, 12:00 AM EDT) -- A bankruptcy court approved a settlement on Thursday between bankrupt auto parts company Tower Automotive and a group of labor unions, after an earlier version of the settlement met with strenuous objections from the company's creditors last year.

The so-called Milwaukee Unions, a group that includes seven labor unions representing workers in Milwaukee, originally held a total of $147 million in claims in the bankruptcy. The factories they represented were all shut down in 2006.

Under the agreement, the unions will retain a reduced, general unsecured...
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