Tower Automotive, Inc has completed its exit from US Chapter 11 bankruptcy protection with the sale of essentially all of its assets to Cerberus Capital Management affiliate Tower Automotive, LLC.
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Tower filed for ‘Chapter 11’ in February 2005, citing lower production volumes, rising steel prices, and unsustainable debt.
During its restructuring and eventual sale to the private equity investor, it closed or sold 16 manufacturing plants and consolidated production into existing facilities to improve productivity.
It also negotiated settlements with US-based labour unions, sold non-core businesses and broadened its customer base with international automakers.
The bankruptcy court signed off on Tower’s plan of reorganisation earlier this month.
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