UPDATE 1-Cerberus leads to buy bankrupt Tower Automotive

Newswire

(Adds details on proposed sale, background) CHICAGO, March 28 (Reuters) - Private equity firm Cerberus Capital Management LP has been named lead bidder 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 the sale requires U.S. Bankruptcy Court approval and is subject to an auction should other investors submit bids for the producer of autobody frames and ...

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