New Chrysler Owner Cerberus Expands More By Aquiring Major Parts Maker

Tower Automotive today announced the marketing process ordered by the U.S. Bankruptcy Court in conjunction with Tower's Chapter 11 Plan has concluded and no competing bids to purchase the company were received.

As a result, the auction scheduled for June 25, 2007, has been canceled and Tower will request Bankruptcy Court approval of the previously announced sale agreement with TA Acquisition Company, LLC, an affiliate of Cerberus Capital Management, L.P.

The Bankruptcy Court is scheduled to hear Tower's request to confirm its Chapter 11 Plan and approve the sale on July 11, 2007. If successful, the company expects to close the transaction by July 31, 2007.

About Tower Automotive

Tower Automotive, Inc. is a global designer and producer of vehicle structural components and assemblies used by every major automotive original equipment manufacturer, including BMW, DaimlerChrysler, Fiat, Ford, General Motors, Honda, Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo. Products include body structures and assemblies, lower vehicle frames and structures, chassis modules and systems, and suspension components.

woood - 6/25/2007 10:20:52 AM

+1 Boost

I can't imagine that a company with a captured market and monopoly could still go bankrupt.

rocker - 6/25/2007 11:54:40 AM

+1 Boost

It happens everyday, it is called bad management.

EnnNorak - 6/25/2007 11:26:14 PM

+1 Boost

It's called vertical integration and may, in the long run, prove you right about management savvy.