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Tower Automotive posts $2.81 million March operating loss
By Caroline Salls
Pittsburgh, April 30 - Tower Automotive, Inc. reported a $2.81 million operating loss for March on revenues of $93.65 million, according to its monthly operating report filed Monday with the U.S. Bankruptcy Court for the Southern District of New York.
The figures show improvement over a $6.7 million February operating loss on $87.58 million in revenues.
The March net loss was $12.4 million, improving from a $14.75 million February net loss.
Cash and cash equivalents on March 31 were $7.92 million, compared with $1.25 million at the end of February.
The Novi, Mich.-based auto parts maker filed for bankruptcy on Feb. 1, 2005. Its Chapter 11 case number is 05-10578.
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