Collins & Aikman Files Reorganization Plan

Law360, New York (August 31, 2006, 12:00 AM EDT) -- Auto parts supplier Collins & Aikman Corp. announced Wednesday that it filed a reorganization plan calling for its emergence from court protection as a stand-alone company.

Current stockholders would receive nothing under the current iteration of the plan, but banks that hold secured Collins & Aikman debt may obtain stock in the company once it has been reorganized.

"Through contributions from our creditors, customers and employees, we will improve our cost structure, strengthen our balance sheet and position C&A for long-term success," Chief Executive Officer Frank...
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