Cerberus in $1-bln deal to buy Tower Automotive

Newswire

CHICAGO, March 28 (Reuters) - Private equity firm Cerberus Capital Management LP has reached an agreement to buy bankrupt U.S. auto parts maker Tower Automotive Inc. in a deal valued at about $1 billion, the company said. Tower, which filed for bankruptcy protection in February 2005, said it expects to file a reorganization plan that reflects the sale plans by April 20. The sale requires U.S. Bankruptcy Court approval and is subject to a possible auction process should competing bids ...

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