Tower receives no further bids, cancels auction, to ask court to approve Cerberus sale

New York, June 21 - Tower Automotive Inc. said it received no competing bids to purchase the company and will now ask the U.S. Bankruptcy Court for the Southern District of New York to approve its previously announced sale for $1 billion to Cerberus Capital Management, LP.

An auction scheduled for June 25 has been canceled.

A confirmation hearing for Tower's plan of reorganization is scheduled for July 11.

If approval is obtained, Tower said it expects to close the transaction with TA Acquisition Co., LLC, an affiliate of Cerberus, by July 31.

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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