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Tower Automotive Settles Pension Fund's Claims

Law360 (July 16, 2007, 12:00 AM EDT) -- Bankrupt auto parts company Tower Automotive has reached a settlement with the pension fund that had guaranteed retirement benefits for its employees, agreeing to provide reduced claims and administrative fees to the fund.

The United Furniture Workers Pension Fund A, a fund run by a division of the AFL-CIO that covers employees of many different companies, had stated a number of claims on Tower's estate. It will retain only three of them.

Those three will all be reduced, becoming general unsecured claims of around $4.3 million...
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