NOVI, MI -- Tower Automotive announced yesterday that the marketing process ordered by the U.S. Bankruptcy Court in conjunction with the company’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, 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. If successful, the company expects to close the transaction by July 31.
For more information about Tower Automotive, go to: http://www.towerautomotive.com.
