The administrators of Collins & Aikman’s European companies have confirmed the completion of a deal agreed last November 2005 with IAC Acquisition Corporation for the sale of 12 businesses.
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IAC is a joint venture company funded by WL Ross & Co and Franklin Mutual Advisers which is currently in discussions to combine with some interiors operations of Lear Corp.
The administrators also announced the completion of the sale of four sites in Italy to SG Plastica.
The amounts realised were not disclosed.
The European businesses of Collins & Aikman, employing 3,000, had a US$1bn turnover and operated in 25 sites in 10 countries.
They were all placed into administration following C&A’s bankruptcy in the US using the European insolvency regulation on ‘centre of main interest’ which allows companies in European member states to be governed by one country’s insolvency laws if it can be demonstrated that the group’s main interests are in that one particular country.
