Tower Automotive looks to extend exclusivity periods to Aug. 3

By Caroline Salls

Pittsburgh, May 24 - Tower Automotive Inc. requested an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend both the exclusive plan-filing period and the solicitation period to Aug. 3. The plan-filing period currently expires on June 6, and the solicitation period expires on July 11.

Tower filed its plan of reorganization on May 1.

However, the company said if the plan is not confirmed within its current timeline, the exclusivity periods could expire, leaving Tower to not only operate its businesses, but to do so while attempting to formulate and negotiate a new plan, assess any competing plans and contend with the destabilizing effect these events would have on employees, vendors and customers.

A hearing is scheduled for June 5.

Tower, a 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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