Tower Automotive $1.38 million Greenville facility sale approved

By Caroline Salls

Pittsburgh, March 1 - Tower Automotive Inc. obtained court approval of the $1.38 million sale of substantially all of the assets at its Greenville, Mich., facility to Greenville Tower, LLC, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The sale includes all buildings, fixtures and equipment at the Greenville facility, where Tower Automotive ceased operations on Dec. 31.

Tower Automotive said the costs of holding the idle property are $192,000 per year.

The Novi, Mich.-based auto parts maker filed for bankruptcy on Feb. 1, 2005 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 05-10578.

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