(Reuters) - CHICAGO, June 21 - Tower Automotive Inc. said on Thursday it would proceed with its planned sale to Cerberus Capital Management [CBS.UL] after the bankrupt U.S. auto parts maker received no competing offers.
Tower expects to seek approval of its reorganization plan and the sale to Cerberus in a deal valued at about $1 billion from the U.S. Bankruptcy Court for the Southern District of New York on July 11. The Novi, Michigan-based producer of automotive body structures and assemblies filed for bankruptcy in February 2005. Management aims to complete the sale to Cerberus affiliate TA Acquisition Co. LLC and exit bankruptcy by the end of July.
Read more at Reuters.com Government Filings News
Tower expects to seek approval of its reorganization plan and the sale to Cerberus in a deal valued at about $1 billion from the U.S. Bankruptcy Court for the Southern District of New York on July 11. The Novi, Michigan-based producer of automotive body structures and assemblies filed for bankruptcy in February 2005. Management aims to complete the sale to Cerberus affiliate TA Acquisition Co. LLC and exit bankruptcy by the end of July.
Read more at Reuters.com Government Filings News
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