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Tower posts $2.21 million June operating loss
By Caroline Salls
Pittsburgh, Aug. 1 - Tower Automotive Inc. showed a $2.21 million operating loss for June on $140.51 million in revenues, according to a Tuesday filing with the Securities and Exchange Commission.
In May, the company posted a $1.17 million operating loss on $140.83 million in revenues.
The net loss for June was $37.16 million, up from a $7.31 million May net loss.
The company showed a $59.5 million loss for the month for repayment of DIP borrowings, according to the filing.
Cash and cash equivalents on June 30 were $51.88 million, compared with $53.47 million the month before.
The Novi, Mich.-based auto parts maker filed for bankruptcy on Feb. 1, 2005 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 05-10578.
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