Collins & Aikman granted two-month exclusivity extension

By Jennifer Lanning Drey

Portland, Ore., Jan. 12 - Collins & Aikman Corp. obtained an 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 exclusive plan filing period was extended to March 28 from Jan. 12 and the solicitation period to May 28 from March 14.

The company had requested a four-month extension.

In a motion filed in late December, Collins & Aikman said that after obtaining interim court approval of its customer agreement and filing an amended plan of reorganization, it expected the lender agent to re-engage in negotiations with the official committee of unsecured creditors to achieve a consensual plan.

In addition, Collins & Aikman said it was continuing its efforts to market and sell substantially all of its assets in accordance with the plan and the customer agreement, and that it expects to complete this process by the end of June.

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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