Collins & Aikman plan confirmation reconsideration request denied

By Caroline Salls

Pittsburgh, Aug. 21 - Collins & Aikman Corp. creditor Visteon Corp.'s motion to reconsider confirmation of Collins & Aikman's plan of reorganization was denied Tuesday by the U.S. Bankruptcy Court for the Eastern District of Michigan.

In its motion, Visteon argued that the plan improperly keeps it from asserting its debt setoff rights.

However, judge Steven Rhodes said Visteon never objected to confirmation of the plan, so it lost its right to object after the plan was confirmed.

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

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