Component maker Collins & Aikman has advised the US bankruptcy court overseeing its Chapter 11 bankruptcy protection cases that it has reached an agreement in principle with the official committee of unsecured creditors and the unofficial steering committee for the company’s senior, secured pre-petition lenders regarding the terms of its amended plan.
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C&A intends to file a revised disclosure statement and plan reflecting the agreement.
“We have recently come to an agreement on the allocation of litigation trust distributions and funding of the litigation trust, which clears the way for a consensual plan,” said John Boken, Collins & Aikman’s chief restructuring officer. “We are pleased to have reached another major milestone in these cases now that we have the support of our most significant creditor[s] and our major customers regarding the terms of our plan.”
A hearing to approve the disclosure statement’s adequacy is scheduled for tomorrow, 25 January, with relatively few objections filed, and C&A expects that most of the objections will be resolved prior to the disclosure statement hearing.
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