Tower Automotive requests 64-day exclusivity extension to negotiate equity investment terms

New York, Nov. 13 - Tower Automotive, Inc. requested a 64-day extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan so that it can finalize terms for raising new equity, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend the plan filing period to Feb. 2 from Nov. 30 and the solicitation period to March 30 from Jan. 25.

Tower said it needs the additional time to complete negotiations with potential investors over the terms of an equity injection, which the company described as a "critical aspect of any plan of reorganization."

"Various" potential investors are currently performing due diligence, Tower noted.

A hearing is scheduled for Nov. 29.

The Novi, Mich.-based auto parts maker filed for bankruptcy on Feb. 1, 2005. Its Chapter 11 case number is 05-10578.

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