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Tower Automotive settlement to cut GE claims to $8.44 million approved
By Jennifer Lanning Drey
Eugene, Ore., July 18 - Tower Automotive Inc. obtained court permission to enter into a settlement agreement that reduces General Electric Capital Corp.'s claims against Tower, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.
Under the settlement, three $10.16 million claims held by GECC against Tower will be reduced to $8.44 million general unsecured claims.
The agreement follows "arm's length negotiations and an exchange of information," according to the filing.
The unsecured claims are against the Tower Automotive Products Company, Inc. estate, Tower Automotive Inc., and R.J. Tower Corp., according to the motion.
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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