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Tower Goes Chapter 11

Tower Goes Chapter 11

Thursday, February 3, 2005
 
Auto-parts supplier Tower Automotive, Detroit, MI, filed for bankruptcy yesterday (Wednesday, Feb. 2) in the face of high steel prices and reduced automotive production volumes, according to an AP story. Analysts do not see doom and gloom, and expect the company to survive the debt restructuring. Meanwhile, Tower has secured enough financing, says one analyst, to continue normal business operations during its reorganization process.

 

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