Tower Automotive to Proceed With Sale

Tower Automotive has 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 cancelled 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.
Tower Automotive, Inc. is a global designer and producer of vehicle structural components and assemblies used by automotive original equipment manufacturers, 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.