From Rubber & Plastics NewsTroy, Michigan-Cash-strapped interiors and trim supplier Collins & Aikman Corp. has filed for Chapter 11 bankruptcy protection from creditors, five days after former ceo David Stockman quit abruptly.Collins & Aikman said it has a commitment to get as much as $300 million in financing from JPMorgan Chase & Co. to keep the business running.The company said John Boken, of financial advisers Kroll Zolfo Cooper of New York, was named chief restructuring officer. The company also has hired law firm Kirkland & Ellis LLP and investment bank Lazard to help with the restructuring. The company filed 17 May at the US Bankruptcy Court for the Eastern District of Michigan in Detroit.Collins & Aikman said it will keep all its plants running and will continue to pay employees and suppliers.The company said recently it had only $13.4 million in available cash and financing. It expects to have available cash and financing of $15 million or less daily for the near future.Before its bankruptcy filing, Collins & Aikman had scheduled debt interest payments of $26.9 million on June 30 and $26.7 million on 15 Aug. The company's total debt is about $2000 million. "
