No more bidders emerge for Tower
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. Therefore, the parts supplier will ask a U.S. Bankruptcy Court judge to approve the previously announced sale agreement with TA Co. LLC, which according to a Tower statement is an affiliate of Cerberus Capital Management LP.
Cerberus, which is acquiring the Chrysler group for $7.4 billion from DaimlerChrysler AG, revealed in late March plans to buy Tower’s assets for about $1 billion. If the court will confirm Tower’s Chapter 11 plan and approve the sale July 11, the company expects to close the transaction by July 31.
The suburban Detroit supplier ranks No. 55 on the Automotive News list of the top 100 global suppliers, with estimated parts sales to automakers of $2.86 billion in 2006.
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