Collins & Aikman's Toyota Deal Wins Court OK

Law360, New York (July 24, 2007, 12:00 AM EDT) -- A bankruptcy judge has given Collins & Aikman Corp. the green light to enter into a settlement deal that will see Toyota Inc. shelling out $7.5 million for parts it bought from the bankrupt auto parts maker.

U.S. Bankruptcy Judge Steven Rhodes of the U.S. Bankruptcy Court for the Eastern District of Michigan signed off on the settlement in a sparsely worded order on Friday after finding that the deal was in the best interest of the debtors' estates.

Under the terms of the settlement, Toyota...
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