Judge OK's Sale Of Collins & Aikman Unit

Law360, New York (April 20, 2007, 12:00 AM EDT) -- Collins & Aikman Corp. has received the green light to sell its North American plastics group to Cadence Innovation LLC for $68 million, so long as the bankrupt auto parts maker doesn't get a higher bid at an auction next month.

In his order, Judge Steven Rhodes of the U.S. Bankruptcy Court for the Eastern District of Michigan approved the bidding procedure for the auction. He plans to approve the sale on May 17, three days after the May 14 auction.

The sale is a last...
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