Tower Automotive to sell assets to Cerberus Capital

摘要

TOWER Automotive has announced that it will sell substantially all of its assets to private equity firm Cerberus Capital Management for about US$1bn. The move is aimed at bringing the company out of bankruptcy. The terms of the proposed sale provide for payment in full of obligations under Tower's debtor-in-possession (DIP) credit facility and second lien loan facility, assumption of the company's pensions, and certain recovery for unsecured creditors.