GE Objects To Collins & Aikman’s Unit Sale Terms

Law360, New York (April 13, 2007, 12:00 AM EDT) -- General Electric Capital Corp. has objected to Collins & Aikman Corp.’s proposed bidding rules for the $68 million sale of the bankrupt auto parts supplier’s North American plastics unit in light of a pending settlement between the two companies.

In court papers filed Tuesday in the U.S. Bankruptcy Court for the Eastern District of Michigan, GE said that Collins & Aikman’s motion to approve the bidding procedures “does not provide sufficient specificity as to what assets are being sold for GE to determine whether or not...
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