Tower Strikes Deal With Unions

Law360 (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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.