A judge took a group of Tower Automotive creditors to the woodshed last week, according to Bloomberg news service. After the company put together a $35 million deal this spring to provide a soft landing for salaried retirees and workers at its now-closed Milwaukee plant, a group of creditors tried to derail the pact in Bankruptcy Court in New York.
But the judge wasn't buying.
Said U.S. Bankruptcy Judge Allan Gropper: "You must be kidding. In my six years on the bench, this has been one of the easiest motions to determine. It is beyond me what basis you have for pursuing this and for attempting to disturb an extremely difficult situation."
Tower, one of the largest makers of vehicle frames in North America, filed for Chapter 11 protection in February 2005. The creditors had argued in their court filing that the salaried workers had received preferential treatment because they were the first creditor to the bargaining table.