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Judge Approves Sale Of Tower To Cerberus

Law360 (July 11, 2007, 12:00 AM EDT) -- Following a hearing Wednesday, a federal judge approved Tower Automotive Inc.'s plan to emerge from Chapter 11 protection by selling its assets to Cerberus Capital Management LP, according to a spokesperson at Kirkland & Ellis LLP, which represents the Novi, Mich.-based auto supplier.

Judge Allan Gropper in the U.S. Bankruptcy Court for the Southern District of New York approved Tower's plan to sell its foreign and U.S. assets to TA Acquisition Company LLC, which is an affiliate of the private-equity group Cerberus.

The deal, which is...
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