Tower Auto has no bids to rival Cerberus offer

Newswire

CHICAGO, June 21 (Reuters) - Tower Automotive Inc. said on Thursday it had received no competing bids to rival Cerberus Capital Management's [CBS.UL] $1 billion offer for the bankrupt U.S. supplier of auto bodies and frames. Tower, which filed for bankruptcy in February 2005, expects to seek approval of its reorganization plan and sale to Cerberus from the U.S. Bankruptcy Court for the Southern District of New York on July 11. It hopes to complete the transaction by the end of July. ...

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