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Tower Automotive Creditors Object To Union Settlements

Law360 (August 28, 2006, 12:00 AM EDT) -- Bankrupt auto parts manufacturer Tower Automotive Inc. has once again improperly put its workers ahead of its creditors by penning an unusual deal with two unions to cut labor costs, according to an objection filed recently by a group of Tower creditors.

The settlement was reached with the United Auto Workers and the International Union of Electric Workers/Communications Workers of America, who had threatened to strike if planned cuts had gone into effect.

Tower’s committee of unsecured creditors, represented by Akin Gump Strauss Hauer & Feld...
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