Tower Automotive Completes Sale

NOVI, Mich., July 31 -- Tower Automotive, Inc. announced today that it has completed the sale of substantially all of its assets to Tower Automotive, LLC, an affiliate of Cerberus Capital Management, L.P. The sale concludes Tower's restructuring process and finalizes its emergence from Chapter 11.

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 closed or sold 16 manufacturing plants and consolidated production into existing facilities to improve productivity. It also negotiated settlements with its U.S.-based labor unions, sold non-core businesses and broadened its customer base with international automakers. Completion of the sale transaction followed Bankruptcy Court confirmation of Tower's Plan of Reorganization earlier this month.

About Tower Automotive

Tower Automotive, LLC 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 http://www.towerautomotive.com/.

About Cerberus

Established in 1992, Cerberus Capital Management, L.P. is one of the world's leading private investment firms with approximately $25 billion under management in funds and accounts. Through its team of more than 275 investment and operations professionals, Cerberus specializes in providing both financial resources and operational expertise to help transform undervalued companies into industry leaders for long-term success and value creation.

Cerberus is headquartered in New York City, with affiliate and/or advisory offices in Atlanta, Chicago, Los Angeles, London, Baarn, Frankfurt, Tokyo, Osaka and Taipei. More information on Cerberus can be found at http://www.cerberuscapital.com/.