Tower's Sale Plan Draws Objections

Law360, New York (July 9, 2007, 12:00 AM EDT) -- Despite recently burying the hatchet with a group of unions, Tower Automotive continues to face opposition from a slew of parties that are worried about the terms of the beleaguered supplier's sale and assumption motion, a key plank of the company's reorganization plan.

On Friday, Grupo Proeza and Metalsa filed a limited objection to Tower's asset sale and restructuring plan, with their fears centered around subsidiary Tower Automotive de Mexico.

“Proeza and Metalsa object to the Sale and Assumption Motion because the transaction documents and proposed...
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