Tower Automotive granted exclusivity extension, approval to sell equipment at Milwaukee facility

By Jennifer Lanning Drey

Eugene, Ore., June 20 - Tower Automotive, Inc. obtained a two-month extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to attorney.

Tower's exclusive plan filing period was extended to Aug. 26 from June 27 and the solicitation period to Oct. 27 from Aug. 28.

The company also received court approval of the proposed $1.75 million sale of equipment and personal property from its Milwaukee manufacturing facility to Myron Bowling Auctioneers, Inc., the attorney said.

Tower ceased all operations at the Milwaukee facility on March 31, and the equipment is outdated and obsolete, according to the company's motion requesting to sell the equipment.

The Novi, Mich.-based auto parts maker filed for bankruptcy on Feb. 1, 2005. Its Chapter 11 case number is 05-10578.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.