Collins & Aikman granted exclusivity extension to finalize agreement negotiations

By Caroline Salls

Pittsburgh, Dec. 14 - Collins & Aikman Corp. obtained a brief extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Thursday filing with the U.S. Bankruptcy Court for the Eastern District of Michigan.

The company's exclusive plan filing period was extended to Jan. 12 from Dec. 27 and the solicitation period to March 14 from Feb 26.

Collins & Aikman said in the motion that it has been working with its senior secured pre-bankruptcy lenders and significant customers to negotiate an agreement for a cooperative sale process that will form the basis of a plan of reorganization and that more time is needed to finalize the negotiations.

Collins & Aikman, a Troy, Mich.-based automotive company, filed for Chapter 11 on May 17, 2005. Its case number is 05-55927.

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