Trustee Objects to Collins & Aikman's Disclosures

Law360, New York (January 18, 2007, 12:00 AM EST) -- Bankrupt auto parts maker Collins & Aikman faces questions over conflicting financial records that value the company’s assets at $5 million and $230 million, respectively.

In an objection filed Thursday to the U.S. Bankruptcy Court in Detroit, Trustee Saul Eisen said the Michigan-based company needed to explain the “serious and substantial discrepancies” in its numbers.

Eisen warned Collins & Aikman its first amended joint plan to emerge from bankruptcy would otherwise fail to meet standards for disclosure under the Bankrupctcy Code and should not be approved....
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