Tower Automotive Plans $100M IPO
NEW YORK (
) -- Auto supplier
Tower Automotive
plans to put up $100 million in stock for sale in an initial public offering.
Cerberus Capital-owned
Tower Automotive says proceeds from the sale would go towards paying down debt and general purposes.
Tower Automotive reportedly had debt of $669.5 million as of the end of last year compared with debt of $628.1 million a year earlier. In 2005, Tower sought bankruptcy protection and was acquired by private equity firm Cerberus in 2007.
Tower Automotive reported a loss of $67.9 million on sales of $1.63 billion in 2009, compared with a loss of $52.3 million on sales of $2.17 billion the year before.
Things are looking up a bit now for the Tower and other auto-suppliers as the auto industry shows more and more signs of making a full recovery.
-- Reported by Andrea Tse in New York
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