Auto parts maker Tower Automotive Inc. said Tuesday it completed the sale of most of its assets to New York-based hedge fund Cerberus Capital Management LP.
The deal completes Tower's restructuring plan and its emergence from Chapter 11 bankruptcy, which it filed for in February 2005 due to lower production volumes, rising commodity prices and a large debt load.
Tower closed or sold 16 manufacturing plants, sold non-core businesses and consolidated production into other existing facilities. It also negotiated settlements with U.S. labor unions and extended operations in international markets as part of its restructuring plan.
