Tower Automotive granted exclusivity extension

By Caroline Salls

Pittsburgh, May 17 - Tower Automotive Inc. obtained an extension to its exclusive periods to file a plan of reorganization and to solicit votes on the plan, according to a Tuesday order with the U.S. Bankruptcy Court for the Southern District of New York.

The company's exclusive period to file a plan was extended to Sept. 30 from June 2, and the period to solicit votes was extended to Nov. 29 from Aug. 1.

According to Tower, the extension is necessary because of the size and complexity of the case.

The company said it has made progress in discussions with creditors about restructuring but will not be able to file a plan by June 2.

Tower Automotive, a Novi, Mich.-based maker of automotive assemblies, filed for Chapter 11 on Feb. 1. Its case number is 05-10578.

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