Tower Gets More Time To Develop Plan

Law360 (March 22, 2007, 12:00 AM EDT) -- A federal bankruptcy judge has given Tower Automotive Inc. a temporary extension on its exclusive right to develop a turnaround plan despite the opposition of the bankrupt auto parts maker’s creditors.

Tower asked the court in January to extend its exclusive rights to file and solicit support for a restructuring plan, marking the ninth time the beleaguered company has made such a request.

The company said it has negotiated and distributed a confidential draft of its Chapter 11 plan, but that a critical aspect of the...
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