-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ObkVHpct8ujOTPbUdb29rYGB6oEmqO1FSO95cxFnQzVA4odPP9wVLp/Eg1J02jlS GdzxDL75miaySo90WfrClQ== 0000950124-07-003662.txt : 20070713 0000950124-07-003662.hdr.sgml : 20070713 20070713114357 ACCESSION NUMBER: 0000950124-07-003662 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20070711 ITEM INFORMATION: Entry into a Material Definitive Agreement ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070713 DATE AS OF CHANGE: 20070713 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOWER AUTOMOTIVE INC CENTRAL INDEX KEY: 0000925548 STANDARD INDUSTRIAL CLASSIFICATION: METAL FORGING & STAMPINGS [3460] IRS NUMBER: 411746238 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12733 FILM NUMBER: 07977943 BUSINESS ADDRESS: STREET 1: 27175 HAGGERTY ROAD CITY: NOVI STATE: MI ZIP: 48377 BUSINESS PHONE: (248) 675-6000 MAIL ADDRESS: STREET 1: 27175 HAGGERTY ROAD CITY: NOVI STATE: MI ZIP: 48377 8-K 1 k16732e8vk.htm CURRENT REPORT, DATED JULY 11, 2007 e8vk
 

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 11, 2007
TOWER AUTOMOTIVE, INC.
(Exact name of Registrant as specified in its charter)
DELAWARE
(State or Other Jurisdiction of Incorporation)
     
1-12733
(Commission File Number)
  41-1746238
(IRS Employer Identification No.)
27175 HAGGERTY ROAD, NOVI, MICHIGAN 48377
(Address of Principal Executive Offices) (Zip Code)
(248) 675-6000
(Registrant’s Telephone Number, Including Area Code)
NOT APPLICABLE
(Former Name or Former Address, if changed Since Last Report)
     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 ( c))
 
 

 


 

Section 1 — Registrant’s Business and Operations
Item 1.01 Entry into a Material Definitive Agreement.
On July 11, 2007, Tower Automotive, Inc. (the “Company”) announced in a press release that the U.S. Bankruptcy Court for the Southern District of New York has confirmed its Chapter 11 Reorganization Plan (the “Plan”) and approved the sale of substantially all of the company’s assets to an affiliate of Cerberus Capital Management, L.P. All classes of creditors that voted have accepted the plan. The company expects to close the transaction by the end of July 2007. A copy of the press release is filed herewith as Exhibit 99.1 and is incorporated herein by reference.
Section 9 — Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(d)      Exhibits:
     
99.1
  Press Release dated July 11, 2007.

 


 

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
         
  TOWER AUTOMOTIVE, INC.
Registrant
 
 
Date: July 13, 2007    /s/ James A. Mallak    
          James A. Mallak   
          Chief Financial Officer   
 

 

EX-99.1 2 k16732exv99w1.htm PRESS RELEASE, DATED JULY 11, 20007 exv99w1
 

EXHIBIT 99.1
(TOWER AUTOMOTIVE LOGO)
FOR RELEASE
     
Tower Automotive, Inc.   Contact: Joe Kirik (248) 675-6253
27275 Haggerty Road   (248) 649-8900
Novi, MI 48337   kirik.joe@towerautomotive.com
TOWER AUTOMOTIVE CHAPTER 11 PLAN CONFIRMED, SALE APPROVED
Expects to Complete Sale Transaction by the end of July 2007
NOVI, Mich., July 11, 2007 — Tower Automotive (OTCBB: TWRAQ) announced today that the U.S. Bankruptcy Court for the Southern District of New York has confirmed its Chapter 11 Reorganization Plan (the “Plan”) and approved the sale of substantially all of the company’s assets to an affiliate of Cerberus Capital Management, L.P. All classes of creditors that voted have accepted the plan. The company expects to close the transaction by the end of July 2007.
Tower filed for Chapter 11 protection on February 2, 2005, citing lower production volumes, rising steel prices and a complex and unsustainable debt load. To strengthen its financial position and realize opportunities for profitable, long-term future operations, the company implemented a sweeping restructuring during its reorganization process. It closed or sold 16 manufacturing plants and consolidated production into existing facilities to improve productivity. It also negotiated settlements with all 10 U.S.-based labor unions, sold non-core businesses and diversified its customer base with international automakers. As a result, Tower expects more than half of the restructured company’s revenue will come from its international operations.
“Today, we achieved another significant milestone in our restructuring process with the Bankruptcy Court’s confirmation of our Chapter 11 Plan,” said Kathleen Ligocki, Tower Automotive’s President and CEO. “While the journey was difficult, we are pleased to have court approval of a Plan that deals fairly and equitably with our various constituencies while allowing Tower to emerge as a much stronger, leaner, more agile company. Now, backed by our new owners who have clearly demonstrated their commitment to the auto industry, we look forward to focusing on profitable growth with our customers around the world.”
(more)

 


 

Tower Automotive Chapter 11 Plan Confirmed – p. 2
About Tower Automotive
Tower Automotive, Inc. is a global designer and producer of vehicle structural components and assemblies used by every major automotive original equipment manufacturer, including BMW, DaimlerChrysler, Fiat, Ford, General Motors, Honda, Hyundai/Kia, Nissan, Toyota, Volkswagen and Volvo. Products include body structures and assemblies, lower vehicle frames and structures, chassis modules and systems, and suspension components. Additional company information is available at www.towerautomotive.com.
Forward-Looking Statements
All statements, other than statements of historical fact, included in this press release or incorporated by reference herein, are, or may be deemed to be, forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “intends,” “project,” “plan” and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s management as well as on assumptions made by and information currently available to the Company at the time such statements were made.
Various economic and competitive factors could cause actual results to differ materially from those discussed in such forward-looking statements, including factors which are outside the control of the Company, such as risks relating to: (i) confirmation of a plan of reorganization under the Bankruptcy Code which would allow the Company to reduce unsustainable debt and other liabilities and simplify the Company’s complex and restrictive capital structure; (ii) the Company’s reliance on major customers and selected vehicle platforms; (iii) the cyclicality and seasonality of the automotive market; (iv) the failure to realize the benefits of acquisitions and joint ventures; (v) the Company’s ability to obtain new business on new and redesigned models; (vi) the Company’s ability to achieve the anticipated volume of production from new and planned supply programs; (vii) the general economic or business conditions affecting the automotive industry (which is dependent on consumer spending), either nationally or regionally, being less favorable than expected; (viii) the Company’s failure to develop or successfully introduce new products; (ix) increased competition in the automotive components supply market; (x) unforeseen problems associated with international sales, including gains and losses from foreign currency exchange; (xi) implementation of or changes in the laws, regulations or policies

 


 

Tower Automotive Chapter 11 Plan Confirmed – p. 3
governing the automotive industry that could negatively affect the automotive components supply industry; (xii) changes in general economic conditions in the United States, Europe and Asia; and (xiii) various other factors beyond the Company’s control. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary statements.
# # #

 

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