Collins & Aikman granted 30-day exclusivity extension

By Jennifer Lanning Drey

Eugene, Ore., Sept. 27 - Collins & Aikman Corp. obtained a 30-day extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the Eastern District of Michigan.

The company's exclusive plan filing period was extended to Oct. 27 from Sept. 27 and the solicitation period to Dec. 27 from Nov. 27.

The company had requested a 60-day extension.

When requesting the extension, Collins & Aikman said it, along with the unofficial steering committee for its senior secured pre-bankruptcy lenders, was still in negotiations with the official committee of unsecured creditors regarding the plan.

Collins & Aikman also said it was in negotiations with its principal customers regarding the global resolutions necessary for it to emerge from Chapter 11, and the company was beginning discussions with other significant parties regarding plan-related issues.

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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