By David Barkholz.
Troy, Michigan -- Collins & Aikman Corp. says it intends to exit Chapter 11 bankruptcy protection as a stand-alone company no later than February next year.
The automotive cockpit and interiors supplier filed its long-awaited plan of reorganisation at a US Bankruptcy Court in Detroit.
Collins & Aikman is recapitalising by exchanging its secured debt for common stock in the reorganised company.
The plan is subject to final approval by creditors and the court.
Potential buyers, including billionaire investor Wilbur Ross, can step forward any time before that approval to make a bid for the company.
From Automotive News (A Crain publication)