EU Clears Collins & Aikman Sale

Law360, New York (August 24, 2007, 12:00 AM EDT) -- European regulators have cleared the way for bankrupt auto parts maker Collins & Aikman to sell its car interiors unit to investor Wilbur Ross for $134 million, putting the company one step closer to emerging from Chapter 11 bankruptcy protection.

The European Commission's antitrust arm approved the deal on Friday after determining that it would not cause any major competition concerns. The sale must still be approved by a U.S. bankruptcy court and will be subject to an auction.

The divestiture of the soft-trim interiors business,...
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