Tower Gains Extension, But Must Draft Plan

Law360, New York (August 23, 2006, 12:00 AM EDT) -- Less than a month after Tower Automotive Inc. bid for an extension in its Chapter 11 proceedings, a bankruptcy court has conditionally agreed to give the auto parts maker 60 additional days to file a reorganization plan and solicit creditor support.

Judge Allan L. Gropper of the U.S. Bankruptcy Court in the Southern District of New York said in court documents filed Monday that if Tower fails to submit a draft of its plan to the unsecured creditors committee and pre-petition secured lenders by Sept. 7,...
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