Tower Automotive Files for Chapter 11 Protection
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Tower Automotive Inc., the world’s largest maker of vehicle frames, filed for Chapter 11 bankruptcy protection after piling up debt in an expansion that increased sales almost 40-fold to $3.1 billion in little more than a decade.
Novi, Mich.-based Tower has been squeezed as big customers such as Ford Motor Co. cut production, some automakers halted accelerated payments and prices rose for materials such as steel. Formed in 1993, Tower increased debt in making 14 acquisitions by 2000 and has had net losses of $501 million since the end of that year.
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