Tower Settles With Two Retiree Groups

Law360, New York (April 7, 2006, 12:00 AM EDT) -- Bankrupt automotive parts maker Tower Automotive Inc. has reached a settlement regarding pensions and health care benefits with two groups representing current and future retirees.

Both settlements, which were reached on Thursday, include modifications to retiree health care benefits that are essential to Tower’s success in emerging from bankruptcy, a company release said.

The settlements cover retired salaried employees company-wide, as well as current and future retirees of the Milwaukee facility that closed last month.

The news comes on the heels of Tower reaching a truce...
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