Thursday, June 21, 2007

No more bidders emerge for Tower

Cerberus affiliate appears to be winner with $1 billion offer
DETROIT — Troubled automotive framing supplier Tower Automotive Inc. has canceled its planned auction for Monday, June 25, after concluding that it has received no competing bids to acquire the company.

Tower now will ask a U.S. Bankruptcy Court judge to approve the previously announced sale agreement with TA Co. LLC, an affiliate of Cerberus Capital Management LP, according to a Tower statement.
In late March, Cerberus revealed plans to buy Tower’s assets for about $1 billion. The private equity fund also is acquiring the Chrysler group for $7.4 billion from DaimlerChrysler AG.

The court is scheduled to hear Tower’s request to confirm its Chapter 11 plan and approve the sale July 11. If successful, the company expects to close the transaction by July 31.

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