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Free Trial Request click here Start receiving the benefits of subscribing to the most comprehensive business bankruptcy resource on the Internet The Latest Bankruptcy News From Business Bankruptcy Headlines for Tower Automotive filed with the U S Bankruptcy Court a restructuring term sheet to sell substantially all of its assets through a Chapter plan of reorganization to funds and accounts to be designated by Cerberus Capital Management The proposed transaction among other things provides for payment in full of obligations under Tower Automotive's debtor in possession credit facility and second lien loan facility assumption of the Company's pensions and certain recovery for unsecured creditors The Company's unsecured creditors' committee supports the transaction and has signed the term sheet We have accomplished a tremendous amount during the last few years to revitalize Tower so the company can strongly compete in today's global automotive marketplace said Kathleen Ligocki president and chief executive officer The recapitalization of the company is the last major milestone in our restructuring process We are excited to have the support of an investor like Cerberus Capital Management L P a group dedicated to investing in the automotive sector for the long term continued
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March Selecting an attorney for your legal case is a very important decision Please enter a zip code to find an attorney in your area Welcome to Bankruptcy Law Firms Spotlight on Bankruptcy March New Bankruptcy Law The President signed a new act on April entitled the Bankruptcy Abuse Prevention and Consumer Protection Act of This act went into effect on October Most lenders have noted that they have not changed their lending policies due to the new act There are some banks however that have reported that they expect credit losses on new loans to be much lower If you are in need of legal help concerning bankruptcy in your area now New bankruptcy law effective October Bankruptcy Abuse Prevention and Consumer Protection Act of S Under the new Bankruptcy Act of credit counseling may be required or other options may be required to find out all your legal options and rights It is more important than ever to consult and speak with a Bankruptcy Lawyer for the new law changes will be explained better to you from bankruptcy lawyers Your rights and options are too important more than ever If
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