Collins & Aikman To Settle Debt With Toyota

Law360, New York (June 5, 2007, 12:00 AM EDT) -- Continuing to liquidate its now-dwindling assets, bankrupt auto parts maker Collins & Aikman Corp. moved Monday to compromise and settle with Toyota Inc. for $7.5 million in an effort to collect some of the $9 million it said the former customer owed.

According to its motion, filed in the U.S. Bankruptcy Court for the Eastern District of Michigan, Collins & Aikman supplied Toyota with parts, tooling, carpet, and more totaling over $9 million for its vehicles. Toyota disputed that claim and maintained Collins & Aikman owed...
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