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    In The United States Bankruptcy Court Eastern District of Michigan Southern Division

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    Chapter 11 Dockets
    The United States Bankruptcy Court for the Eastern District of Michigan approved procedures for Collins & Aikman Corporation and its subsidiaries to sell certain assets. The order authorized the debtors to sell assets to Gordon Brothers free and clear of liens, with liens attaching to sale proceeds. It required the debtors to provide notice of upcoming asset sales and weekly reports on past and pending sales to creditors. The order also retained jurisdiction for the court to handle matters relating to its implementation.

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    In The United States Bankruptcy Court Eastern District of Michigan Southern Division

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    Chapter 11 Dockets
    51 views4 pages
    The United States Bankruptcy Court for the Eastern District of Michigan approved procedures for Collins & Aikman Corporation and its subsidiaries to sell certain assets. The order authorized the debtors to sell assets to Gordon Brothers free and clear of liens, with liens attaching to sale proceeds. It required the debtors to provide notice of upcoming asset sales and weekly reports on past and pending sales to creditors. The order also retained jurisdiction for the court to handle matters relating to its implementation.

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    The United States Bankruptcy Court for the Eastern District of Michigan approved procedures for Collins & Aikman Corporation and its subsidiaries to sell certain assets. The order authorized the debtors to sell assets to Gordon Brothers free and clear of liens, with liens attaching to sale proceeds. It required the debtors to provide notice of upcoming asset sales and weekly reports on past and pending sales to creditors. The order also retained jurisdiction for the court to handle matters relating to its implementation.

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    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    51 views4 pages

    In The United States Bankruptcy Court Eastern District of Michigan Southern Division

    Uploaded by

    Chapter 11 Dockets
    The United States Bankruptcy Court for the Eastern District of Michigan approved procedures for Collins & Aikman Corporation and its subsidiaries to sell certain assets. The order authorized the debtors to sell assets to Gordon Brothers free and clear of liens, with liens attaching to sale proceeds. It required the debtors to provide notice of upcoming asset sales and weekly reports on past and pending sales to creditors. The order also retained jurisdiction for the court to handle matters relating to its implementation.

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    IN THE UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION In re: COLLINS & AIKMAN CORPORATION,

    et al.1 Debtors. ) ) ) ) ) ) ) ) Chapter 11 Case No. 05-55927 (SWR) (Jointly Administered) (Tax Identification #13-3489233) Honorable Steven W. Rhodes

    ORDER APPROVING PROCEDURES FOR THE SALE OF CERTAIN ASSETS Upon the motion (the Motion)2 of the above-captioned debtors (collectively, the Debtors) for the entry of an order approving procedures for the sale of certain assets [Docket No. 3319]; it appearing that the relief requested is in the best interest of the Debtors estates; it appearing that the Court has jurisdiction over this matter pursuant to 28 U.S.C. 157 and 1334; it appearing that this proceeding is a core proceeding pursuant to 28 U.S.C. 157(b)(2); it appearing that venue of this proceeding and the Motion in this District
    1

    The Debtors in the jointly administered cases include: Collins & Aikman Corporation; Amco Convertible Fabrics, Inc., Case No. 05-55949; Becker Group, LLC (d/b/a/ Collins & Aikman Premier Mold), Case No. 05-55977; Brut Plastics, Inc., Case No. 05-55957; Collins & Aikman (Gibraltar) Limited, Case No. 05-55989; Collins & Aikman Accessory Mats, Inc. (f/k/a the Akro Corporation), Case No. 05-55952; Collins & Aikman Asset Services, Inc., Case No. 05-55959; Collins & Aikman Automotive (Argentina), Inc. (f/k/a Textron Automotive (Argentina), Inc.), Case No. 05-55965; Collins & Aikman Automotive (Asia), Inc. (f/k/a Textron Automotive (Asia), Inc.), Case No. 0555991; Collins & Aikman Automotive Exteriors, Inc. (f/k/a Textron Automotive Exteriors, Inc.), Case No. 05-55958; Collins & Aikman Automotive Interiors, Inc. (f/k/a Textron Automotive Interiors, Inc.), Case No. 05-55956; Collins & Aikman Automotive International, Inc., Case No. 05-55980; Collins & Aikman Automotive International Services, Inc. (f/k/a Textron Automotive International Services, Inc.), Case No. 05-55985; Collins & Aikman Automotive Mats, LLC, Case No. 05-55969; Collins & Aikman Automotive Overseas Investment, Inc. (f/k/a Textron Automotive Overseas Investment, Inc.), Case No. 05-55978; Collins & Aikman Automotive Services, LLC, Case No. 05-55981; Collins & Aikman Canada Domestic Holding Company, Case No. 05-55930; Collins & Aikman Carpet & Acoustics (MI), Inc., Case No. 05-55982; Collins & Aikman Carpet & Acoustics (TN), Inc., Case No. 05-55984; Collins & Aikman Development Company, Case No. 05-55943; Collins & Aikman Europe, Inc., Case No. 05-55971; Collins & Aikman Fabrics, Inc. (d/b/a Joan Automotive Industries, Inc.), Case No. 05-55963; Collins & Aikman Intellimold, Inc. (d/b/a M&C Advanced Processes, Inc.), Case No. 05-55976; Collins & Aikman Interiors, Inc., Case No. 05-55970; Collins & Aikman International Corporation, Case No. 05-55951; Collins & Aikman Plastics, Inc., Case No. 05-55960; Collins & Aikman Products Co., Case No. 05-55932; Collins & Aikman Properties, Inc., Case No. 0555964; Comet Acoustics, Inc., Case No. 05-55972; CW Management Corporation, Case No. 05-55979; Dura Convertible Systems, Inc., Case No. 05-55942; Gamble Development Company, Case No. 05-55974; JPS Automotive, Inc. (d/b/a PACJ, Inc.), Case No. 05-55935; New Baltimore Holdings, LLC, Case No. 05-55992; Owosso Thermal Forming, LLC, Case No. 05-55946; Southwest Laminates, Inc. (d/b/a Southwest Fabric Laminators Inc.), Case No. 05-55948; Wickes Asset Management, Inc., Case No. 05-55962; and Wickes Manufacturing Company, Case No. 05-55968. Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Motion.

    K&E 11353895.6

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    is proper pursuant to 28 U.S.C. 1408 and 1409; it appearing that notice of the Motion and the opportunity for a hearing on the Motion was appropriate under the particular circumstances and that no other or further notice need be given; and after due deliberation and sufficient cause appearing therefore, it is hereby ORDERED 1. 2. The Motion is granted in its entirety. The Debtors are authorized to sell the Gordon Brothers Assets free and clear of all

    liens with such liens attaching only to the sale proceeds in the same validity, extent and priority as immediately prior to such sale. 3. Notwithstanding anything herein to the contrary or otherwise, nothing in the

    Motion or this Order shall alter, modify or amend the Final Order (I) Authorizing Debtors (A) to Obtain Post-Petition Financing Pursuant to 11 U.S.C. 105, 361, 362, 364(c)(1), 364(c)(2), 364(c)(3), 364(d)(1) and 364(e) and (B) to Utilize Cash Collateral Pursuant to 11 U.S.C. 363 and (II) Granting Adequate Protection to Pre-Petition Secured Parties Pursuant to 11 U.S.C. 361, 362, 363 and 364 dated July 28, 2005 (the Final DIP Order). Any relief granted herein shall be subject to the terms and conditions of the Final DIP Order and the postpetition credit agreement referenced therein (the DIP Credit Agreement), and any and all proceeds obtained from the transactions contemplated by this Order shall be administered in accordance with the Final DIP Order and the DIP Credit Agreement. 4. Nothing in the Motion or this Order shall authorize the Debtors to sell any

    property under the Master Lease Agreement dated May 7, 1993 between General Electric Capital Corporation and The Becker Group, Inc.

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    K&E 11353895.6

    5.

    Nothing in this Order shall alter, modify or amend the notice requirements

    described in the Order Authorizing Debtors to Sell or Abandon Certain Equipment in Which General Electric Capital Corporation Asserts an Interest [Docket No. 3091]. 6. To the extent the Debtors know such amounts, the Debtors shall include on each

    Auction Notice the orderly liquidation value and fair market value of the assets listed on such notice. 7. The Debtors shall provide to the Committee and the agents for the pre- and

    postpetition senior, secured lenders a weekly report that includes: (a) the assets that have been sold pursuant to the Order; (b) the name of the purchaser of such assets; (c) the purchase price for such assets; (d) to the extent the Debtors know such amounts, the orderly liquidation value and the fair market value of such assets that are sold; and (e) the opening and final bids for such assets that are sold in an auction. 8. The Debtors shall provide to the Committee and the agents for the pre- and

    postpetition senior, secured lenders a weekly report that includes: (a) the assets that are subject to a pending sale; (b) the potential purchasers of such assets, to the extent known; (c) the potential purchase price of such assets, to the extent known; and (d) other material information regarding such potential sales, if any. 9. With respect to asset sales pursuant to this Order, the Committee and the agents

    for the pre- and postpetition senior, secured lenders shall have reasonable access to the Debtors, including weekly conference calls reporting the status of sales and pending sales. 10. The Debtors are authorized to take all actions necessary to effectuate the relief

    granted pursuant to this Order in accordance with the Motion.

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    K&E 11353895.6

    11.

    The terms and conditions of this Order shall be immediately effective and

    enforceable upon its entry notwithstanding Bankruptcy Rule 6004(h). 12. The Court retains jurisdiction with respect to all matters arising from or related to

    the implementation of this Order.

    Entered: September 27, 2006 _ __ _/s/ Steven Rhodes _ _ Steven Rhodes 13. Chief Bankruptcy Judge

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    K&E 11353895.6

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