NEW YORK ( TheStreet) -- 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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