Tower Seeks Extension To Pay Deutsche Claim

Law360, New York (March 12, 2007, 12:00 AM EDT) -- Bankrupt auto parts manufacturer Tower Automotive Inc. is seeking court approval to extend its payment on $97.2 million worth of credit issued by Deutsche Bank Trust Co.

The company filed a motion Friday in the U.S. Bankruptcy Court for the Southern District of New York asking the court to authorize the extension of 10 outstanding letters of credit issued by Deutsche Bank and to authorize Tower to pay certain related fees and expenses.

In November, Tower and Deutsche already agreed to extend the maturity dates of...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.