Tower Automotive gets court OK for $1.15 million Bowling Green, Ky., facility sale

By Caroline Salls

Pittsburgh, Sept. 22 - Tower Automotive, Inc. obtained approval to sell its Bowling Green, Ky., facility to Gary Force and Tim Kanaly for $1.15 million in cash, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The facility was used by Tower from April 1997 through June of this year to produce specialized components for Toyota and Honda.

Under its restructuring strategy to reduce fixed costs by consolidating the number of operating locations, Tower decided the work being performed at the Bowling Green facility could be done at the company's other manufacturing plants.

Tower ceased operations at the facility in June, and the estimated costs associated with holding the inactive property are $5,000 per month.

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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