Tower files a $250M restructuring term sheet with bankruptcy court

Dec 20, 2006 | 09:52 AM | Philip Burgert

Automotive body structures manufacturer Tower Automotive Inc., Novi, Mich., has filed a commitment letter and restructuring term sheet with a bankruptcy court, with commitments from three bondholders to underwrite a $250-million equity rights offering for its reorganization plan.

Executives said the bondholder agreements filed with the U.S. Bankruptcy Court for the Southern District of New York would form the basis of the company's restructuring and emergence from court protection. The company has been reorganizing under Chapter 11 of the U.S.....

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