Tower Automotive files $250 mln restructuring term sheet

Newswire

Dec 20 (Reuters) - Car parts supplier Tower Automotive said it filed a $250 million restructuring term sheet that will form the basis of its efforts to emerge from bankruptcy. Three significant bondholders have agreed to underwrite a $250 million equity rights offering, the company said in a statement. Tower said under the term sheet, senior secured debt would be refinanced and paid in full. (Reporting by Saumyadeb Chakrabarty in Bangalore)

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