USA: New executive team named to restructure bankrupt Collins & Aikman
Collins & Aikman has announced a new management team to lead the company through the next phase of its restructuring process.
This team includes Stephen Cooper, who has been appointed chairman of directors; Leonard LoBiondo, who has been appointed a director; and Frank Macher, who has been appointed president and CEO.
As a result, Charles Becker has resigned as acting CEO, and Marshall Cohen has resigned as interim chairman. Cohen will remain as a director and serve as lead director.
As part of the new structure, C&A has established an office of the chairman, consisting of Cooper, LoBiondo, Macher and John Boken, who continues to serve as the company's chief restructuring officer.
This expands the roles of Cooper and Biondo, both of whom have been advising the company throughout its bankruptcy process as principals of Kroll Zolfo Cooper, an affiliate of KZC Services, LLC, the company's turn-around management firm.
Collins & Aikman is also establishing a restructuring committee of its directors that will be responsible for overseeing the development of the business plan, the valuation of the business and, ultimately, the negotiation of a plan of reorganisation. The committee will include Cooper, LoBiondo, Anthony Hardwick, Timothy Leuliette, and Daniel Tredwell.
Macher had been chairman and CEO of Federal-Mogul Corporation during its bankruptcy proceedings. Previously he was president and CEO of ITT Automotive and the vice president and general manager of the automotive components division of Ford.
The company's arrangement with Macher is based upon an outline of terms, and is subject to final documentation and bankruptcy court approval.