European entities of Collins & Aikman under administration

01 Aug '05

3 min read

The consolidated Administration in Europe follows Collins & Aikman's May 17, 2005 Chapter 11 reorganization filing which covered substantially all of its subsidiaries in the United States.

Applying for Administration Orders was concluded to be in the best interests of creditors, employees, customers and suppliers. The Administration Orders are expected to protect the businesses while the Administrators review the available options for the companies' operations, which is likely to include going concern sales of some or all of the European businesses.

Mr. Appell, Joint Administrator, commenting upon the appointment, said “Administration is a rescue-oriented procedure and will provide the best framework to consider all the options for the businesses."

In conjunction with the Administration, they have arranged financing allowing us to continue Collins & Aikman's European operations in the normal course. Among key objectives are minimizing disruption and protecting the inherent value in the business for the benefit of creditors and stakeholders.

Collins & Aikman Corporation is a global leader in cockpit modules and automotive floor and acoustic systems and is a leading supplier of instrument panels, automotive fabric, plastic-based trim, and convertible top systems. Headquartered in Troy, Michigan, they have a workforce of approximately 23,000 and a network of more than 100 technical centers, sales offices and manufacturing sites in 17 countries throughout the world.

Collins & Aikman

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