Tower Automotive to sell assets to Cerebrus
Acquisition valued at around US$1bn
Tower Automotive will proceed with its planned sale to TA Acquisition Co., LLC, an affiliate of Cerberus Capital Management, LP, as it has not received any other competitive offers. The deal is valued at about US$1bn. Tower Automotive expects to seek approval of its reorganisation plan and sale deal from the US Bankruptcy Court of New York on 11 July 2007.
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