Collins & Aikman Strikes Deal Over Litigation Trust

Law360, New York (January 24, 2007, 12:00 AM EST) -- Bankrupt auto parts maker Collins & Aikman Corp. has reached an agreement with its prepetition lenders and unsecured creditors regarding the proceeds of several pending lawsuits the company has filed against various parties, the company said Tuesday.

The creditors had objected to a stipulation in the company’s first amended joint plan of reorganization and disclosure statement, filed in December, stating that unsecured claimants were expected to share a portion of the net proceeds from civil actions to be held in a litigation trust established by the...
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