Tower Automotive announced today that it has filed its Chapter 11 Plan and accompanying Disclosure Statement with the U.S. Bankruptcy Court for the Southern District of New York. The filing also includes the previously announced sale agreement for substantially all of Tower’s assets to an affiliate of Cerberus Capital Management, L.P. The company expects to close a sale transaction by July 31, 2007, following the completion of a competitive bidding process as outlined in the sale agreement, and court approval of both the plan and sale transaction. The plan provides for payment in full of secured claims, including obligations under Tower’s Debtor-in-Possession (DIP) credit facility and second lien loan facility, as well as payment in full of administrative and priority claims; assumption of the company’s pension plan; and partial recovery for certain unsecured creditors. To strengthen its financial position and realize opportunities for profitable, long-term future operations, during the reorganization process, Tower implemented a sweeping restructuring, closing or selling 16 manufacturing plants and consolidating production into existing facilities to improve productivity, negotiating settlements with all 10 U.S.-based labor unions, selling non-core businesses and diversifying its customer base with international automakers. As a result, Tower expects that more than half of the restructured company’s revenue will come from its international operations. As previously announced, the proposed sale will be subject to higher and better bids. A Court-approved marketing process is being conducted pursuant to which qualified parties must submit competing bids to purchase Tower by June 20, 2007. If qualified and competing bids are received by that date, the company will conduct an auction on June 25, 2007 to determine the highest and best bid. The company would then ask the Bankruptcy Court to confirm Tower’s Plan of Reorganization and approve the transaction, with a closing to occur by July 31, 2007. Tower Automotive, Inc. is a global designer and producer of vehicle structural components and assemblies used by major automotive original equipment manufacturers, including BMW, DaimlerChrysler, Fiat, Ford, General Motors, Honda, Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo.