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Collins & Aikman To Sell Unit For $134M

Law360 (April 23, 2007, 12:00 AM EDT) -- Bankrupt auto parts supplier Collins & Aikman Corp. has found a buyer, billionaire Wilbur Ross, for its soft trim business, as it continues its quest to liquidate assets.

In a Friday filing in the U.S. Bankruptcy Court for the District of Eastern Michigan, the company said that International Automotive Components Group North America Inc. would buy its automotive flooring and acoustic components business for about $134 million.

The sales agreement also allows for the company’s senior secured lenders to invest in IAC up to an aggregate...
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