Tower Auto Considering Stock Rights Offering

Law360 (October 13, 2006, 12:00 AM EDT) -- Tower Automotive Inc. said in court documents filed Thursday that it has been unable to meet financial targets and is contemplating a stock rights offering.

Tower said it needs a substantial equity investment, which may be possible through an offering. The company is in discussions with numerous parties regarding the offering, including certain current institutional creditors who may be willing to underwrite or backstop the offering.

Tower is asking the U.S. Bankruptcy Court for the Southern District of New York to allow it to pay an...
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