Two Years After Filing, Tower Leaves Ch. 11 Behind

Law360, New York (August 2, 2007, 12:00 AM EDT) -- Tower Automotive Inc. exited Chapter 11 bankruptcy on Tuesday, thanks to months of negotiation with its creditors and a hefty infusion of outside capital.

The Detroit Free Press reported that the company is back in business under the leadership of Cerberus Capital Management LP, which acquired Tower in a deal approved July 11.

Representatives of the company could not immediately be reached for comment.

The Cerberus deal, which is valued at approximately $1 billion, will allow Tower to pay off most of its debt. Tower has...
To view the full article, register now.