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

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
DEBTORS MOTION FOR AN ORDER APPROVING THE STIPULATION REGARDING THE RECEIVABLES TRANSFER AGREEMENT BETWEEN THE DEBTORS AND GENERAL ELECTRIC CAPITAL CORPORATION The above-captioned debtors (collectively, the Debtors) hereby move the Court (the Motion) for the entry of an order, substantially in the form of Exhibit A, approving the stipulation regarding the Receivables Transfer Agreement (as defined herein) between the Debtors and General Electric Capital Corporation (GECC). In support of this Motion, the Debtors respectfully state as follows:
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. 05-55991; 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. 05-55964; 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. 0555946; Southwest Laminates, Inc. (d/b/a Southwest Fabric Laminators Inc.), Case No. 05-55948; Wickes Asset Management, Inc., Case No. 0555962; and Wickes Manufacturing Company, Case No. 05-55968.
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Jurisdiction 1. The Court has jurisdiction over this matter pursuant to 28 U.S.C. 1334. This matter
is a core proceeding within the meaning of 28 U.S.C. 157(b)(2). 2. 3. Venue is proper pursuant to 28 U.S.C. 1408 and 1409. The statutory bases for the relief requested herein are section 363(b) of the
Bankruptcy Code, 11 U.S.C. 101-1330 (the Bankruptcy Code), and Rule 9019(a) of the Federal Rules of Bankruptcy Procedure (the Bankruptcy Rules). Background 4. On May 17, 2005 (the Petition Date), the Debtors filed their voluntary petitions for
relief under chapter 11 of the Bankruptcy Code. The Debtors are operating their businesses and managing their properties as debtors in possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. No trustee or examiner has been appointed in these cases. On the Petition Date, the Court entered an order jointly administering these cases pursuant to Bankruptcy Rule 1015(b). 5. On May 24, 2005, the United States trustee appointed an official committee of
unsecured creditors pursuant to section 1102 of the Bankruptcy Code (the Committee). 6. The Debtors and their non-debtor affiliates are leading global suppliers of automotive
components, systems and modules to all of the worlds largest vehicle manufacturers, including DaimlerChrysler AG, Ford Motor Company, General Motors Corporation, Honda Motor Company, Inc., Nissan Motor Company Unlimited, Porsche Cars GB, Renault Crateur DAutomobiles, Toyota SA and Volkswagen AG. GECC Prepetition Receivables Facility Interests 7. Pursuant to the Amended and Restated Receivables Purchase Agreement dated as of
December 20, 2001 (as amended from time to time prior to the Petition Date, the RPA), among Collins & Aikman Products Co. (C&A) and its wholly owned direct and indirect subsidiaries 2
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named therein, as sellers, and Carcorp, Inc., as purchaser, the sellers sold, assigned and transferred to Carcorp, Inc. all of their right, title and interest in and to the Receivables, the Related Security, the Collections and the Proceeds (each as defined in the RTA, which is defined below). 8. Pursuant to the Receivables Transfer Agreement dated as of December 20, 2001 (as
amended and restated on September 20, 2002, and as further amended from time to time prior to the Petition Date, the RTA) among Carcorp, Inc., as transferor, C&A, individually and as collection agent, and GECC, as administrative agent and committed purchaser, Carcorp, Inc. transferred to GECC, as committed purchaser, and granted to GECC, as administrative agent, perfected security interests in the Receivables, the Related Security, the Collections and the Proceeds (collectively, the Prepetition Receivables Facility Interests).2 9. stay On June 22, 2005, GECC filed an emergency motion for relief from the automatic that the Debtors had (a) withheld information about the
asserting
Prepetition Receivables Facility Interests and (b) diverted certain Receivables to pay the Debtors postpetition expenses. On June 29, 2005, the Debtors filed an objection to GECCs motion disputing the allegations made by GECC and asserting that GECC was withholding funds. 10. On July 7, 2005, the Debtors, GECC and the agents for the Debtors pre- and
postpetition senior secured lenders entered into a stipulation to address GECCs motion for relief from the automatic stay. In this stipulation, the Debtors agreed, among other things, to create an escrow account in the amount of approximately $5 million to secure amounts owed to GECC under the RPA and the RTA (the GECC Deposit). However, this stipulation did not resolve all of the outstanding issues associated with the Prepetition Receivables Facility Interests and the RTA.
A conformed copy of the RTA, including all amendments thereto, was previously filed with the Court [Docket No. 433]. Capitalized terms used but not defined herein shall have the meaning ascribed to them in the RTA.
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Moreover, on August 4, 2005, GECC filed a motion to compel performance under the RTA, in which it asserted that the Debtors had failed to collect Receivables from certain customers on GECCs behalf as allegedly required by the RTA. The Debtors have disputed the allegations raised in GECCs motion to compel and, as the Court is aware, this motion has been pending for approximately a year. 11. negotiations Over the course of the last year, the Debtors and GECC have conducted extensive to resolve the outstanding issues associated with the
Prepetition Receivables Facility Interests and to address the outstanding financial obligations under the RTA (the Securization Obligations). As a result of such negotiations, the Debtors, GECC and the agents for the pre- and postpetition senior, secured lenders have agreed to enter into a stipulation, substantially in the form of Exhibit B attached hereto (the Stipulation). 12. Under the terms of the Stipulation,3 the parties have agreed that, among other things,
(a) when the outstanding Securization Obligations are less than the GECC Deposit, the Debtors will release the funds held in the account holding the GECC Deposit to the extent necessary to pay GECC the outstanding Securization Obligations free and clear of all liens, claims and encumbrances and all remaining amounts will be paid to the Debtors, (b) after such release of funds, GECC will no longer be owed any Securization Obligations and, accordingly, the RPA, the RTA and all related documents will be terminated except for certain provisions that are specifically addressed in the Stipulation and (c) GECC will withdraw its legal actions to collect prepetition receivables from certain of the Debtors customers.
This summary of the Stipulation is provided solely for the convenience of the Court and parties in interest. To the extent that there are any discrepancies between this summary and the Stipulation, the terms of the Stipulation shall govern.
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Relief Requested 13. By this Motion, the Debtors respectfully request that the Court approve the
Stipulation pursuant to section 363(b) of the Bankruptcy Code and Bankruptcy Rule 9019(a). Notably, the agents for the pre- and postpetition senior, secured lenders are parties to the Stipulation and consent to the relief requested herein. Basis for Relief 14. Bankruptcy Rule 9019(a) provides, in pertinent part, that [o]n motion by the [debtor
in possession] and after notice and a hearing, the court may approve a compromise or settlement. Fed. R. Bankr. P. 9019(a). Section 363(b) allows a trustee or debtor in possession to use property of the estate other than in the ordinary course of business after appropriate notice and hearing. See 11 U.S.C. 363(b)(1). 15. Compromises are tools for expediting the administration of the case and reducing
administrative costs and are favored in bankruptcy. See Protective Comm. of Independent Stockholders of TMT Trailer Ferry, Inc. v. Anderson, 390 U.S. 414, 424 (1968) (In administering reorganization proceedings in an economic and practical matter it will often be wise to arrange the settlement of claims.); In re Fishell, 1995 WL 66622, at *2 (6th Cir. 1995); In re Haven, Inc., 2005 WL 927666, at *1 (6th Cir. B.A.P. 2005); In re Dow Corning Corp., 192 B.R. 415, 421 (AJS) (Bankr. E.D. Mich. 1996); see also Fogel v. Zell, 221 F.3d 955, 960 (7th Cir. 2000); In re Martin, 91 F.3d 389, 393 (3d Cir. 1996) (To minimize litigation and expedite the administration of a bankruptcy case, [c]ompromises are favored in bankruptcy.) (quoting 9 Collier on Bankruptcy 9019.03[1] (15th Ed. 1993)). Moreover, various courts have endorsed the use of
Bankruptcy Rule 9019 to resolve disputes. See, e.g., Bartel v. Bar Harbour Airways, Inc., 196 B.R. 268, 271 (S.D.N.Y. 1996); In re Check Reporting Service, Inc., 137 B.R. 653, 656 (Bankr.
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W.D. Mich. 1992); In re Miller, 148 B.R. 510, 516 (Bankr. N.D. Ill. 1992); In re Planned Systems, Inc., 82 B.R. 919, 921 (Bankr. S.D. Ohio 1988). 16. Generally, a settlement should be approved if it is determined to be fair and equitable
and does not fall below the lowest level of reasonableness. See Bauer v. Commerce Union Bank, 859 F.2d 438, 441 (6th Cir. 1988); In re Haven, Inc. 2005 WL 927666, at *3 (6th Cir. B.A.P. 2005); Dow Corning, 192 B.R. at 421. In determining whether a compromise satisfies this standard, courts ordinarily consider: (a) the probability of success in the litigation; (b) the difficulties, if any, to be encountered in the matter of collection; (c) the complexity and expense of the litigation involved; and (d) the paramount interest of creditors and proper deference to their reasonable views. See, e.g., In re Bard, 49 Fed. Appx. 528, 530 (6th Cir. 2002); In re Dow Corning Corp., 2003 WL 22218449, at *1 (DPH) (Bankr. E.D. Mich. 2003); In re Dalen, 259 B.R. 586, 611-13 (Bankr. W.D. Mich. 2001); In re Stinson, Inc., 221 B.R. 726, 732 (SWR) (Bankr. E.D. Mich. 1998). 17. The Stipulation satisfies the standard. If the parties did not agree to the Stipulation,
the Debtors, GECC and the agents for the Debtors pre- and postpetition senior secured lenders would continue to be embroiled in the dispute over the Prepetition Receivables Facility Interests. The expenses incurred to resolve this continued dispute would continue to be an additional burden to the estates and their creditors. The Stipulation avoids both the uncertain outcome of the dispute and the heavy encumbrance it would place on the estates and their creditors. 18. Section 363(b)(1) provides that [t]he trustee, after notice and a hearing, may use,
sell, or lease, other than in the ordinary course of business, property of the estate. 11 U.S.C. 363(b)(1). Courts within the Sixth Circuit have held that transactions should be approved under section 363 when they are supported by sound business judgment. See, e.g., Stephens Indus., Inc. v. McClung, 789 F.2d 386, 390 (6th Cir. 1986) (concluding that a court can
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authorize a sale of a Debtors assets when a sound business purpose dictates such action.); In re Embrace Sys. Corp., 178 B.R. 112, 124 (Bankr. W.D. Mich. 1995); see also In re North American Royalties, Inc., 276 B.R. 860, 866 (Bankr. E.D. Tenn. 2002). 19. The Stipulation is supported by a sound business purpose. Among other things,
approval of the Stipulation will: (a) enable the Debtors to receive payments from their customers of certain account receivables that are currently being withheld by certain customers; (b) eliminate the Debtors loss of their use of cash inadvertently mispaid to GECC; (c) enable the Debtors to discontinue producing certain accounting reports and compensating GECCs advisors for work related to the Prepetition Receivables Facility Interests and the RTA; and (d) lead to GECC withdrawing its legal actions against the Debtors and certain of the Debtors customers, thereby maintaining such customers goodwill towards the Debtors, which is essential to the Debtors restructuring efforts. 20. The Debtors are owed more than $10 million from their major customers on account
of certain tooling equipment the Debtors provided to such customers. Certain of these customers have resisted paying these receivable balances until the Debtors resolve their dispute with GECC over any Receivables owed to GECC under the RTA. These customers have expressed concern that their payments would be transferred to GECC under the RTA and benefit GECC rather than be used by the Debtors to pay certain third-party vendors who helped develop certain of the tooling equipment that the Debtors provided to the customers. These customers fear that if the funds are transferred to GECC, the third-party vendors who produced the tooling equipment could seek payment directly from the customers. 21. Under the Stipulation, GECC will receive payments that satisfy its claims under
the RTA, thereby allowing the customers to pay the Debtors knowing that such payment will be
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available for the third-party vendors to the extent proper under applicable law. The Debtors estimate that the funds that will be collected from the Debtors customers on account of the payment of the outstanding receivables will exceed, by millions of dollars, the payment to be made to GECC under the Stipulation. 22. Additionally, certain of the Debtors customers have made payments of certain
account receivables to GECC mistakenly believing that GECC was entitled to such payment under the RTA. Such mistaken payments have deprived the Debtors of immediate cash necessary for their continued operations and reorganization efforts. Moreover, the Debtors have had to expend additional resources to retrieve such mispayments from GECC. The termination of the RPA and the RTA under the Stipulation would prevent the loss of any further funds on account of such mispayments. 23. The termination of the RPA and the RTA will enable the Debtors to avoid
(a) incurring additional expenses with respect to the creation of certain accounting reports related to the RTA and (b) compensating GECCs professional advisors retained in these chapter 11 cases on matters related to the RTA. At the request of GECC, the Debtors have had to create or duplicate reports of certain of their financial banking transactions and provide such reports to GECC and their financial advisors, Guiliani Capital Advisors. In addition to incurring the costs associated with developing such reports, the Debtors have had to compensate GECC and Guiliani Capital Advisors for the fees they have generated in connection with the issues surrounding the Prepetition Receivables Facility Interests in these chapter 11 cases. 24. Finally, as part of the Stipulation, GECC has agreed to discontinue pursuing legal
actions against the Debtors and certain of the Debtors customers on account of the alleged unpaid receivables. Withdrawal of such actions will preserve for the Debtors the goodwill of their
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customers, which is crucial to a successful reorganization that maximizes value for the Debtors estates, their creditors and other parties in interest. 25. The Stipulation will allow the Debtors to (a) obtain payment of a substantial amount
of outstanding account receivables from their customers, (b) avoid the loss of immediate use of future funds on account of mispayments to GECC, (c) cease incurring expenses associated with accounting reports and GECCs advisors and (d) maintain the goodwill of their customers, all to the benefit of the Debtors, their estates and creditors. Accordingly, for all of the foregoing reasons, the Debtors submit that the facts underlying the Stipulation meet the standards of section 363(b) of the Bankruptcy Code and Bankruptcy Rule 9019(a), and that the Court should, therefore, grant the Motion. Notice 26. Notice of this Motion has been given to the Core Group, the 2002 List and GECC as
required by the Case Management Procedures.4 In light of the nature of the relief requested, the Debtors submit that no further notice is required. No Prior Request 27. court. No prior motion for the relief requested herein has been made to this or any other
Capitalized terms used in this paragraph 26 not otherwise defined herein shall have the meanings set forth in the First Amended Notice, Case Management and Administrative Procedures filed on June 9, 2005 [Docket No. 294].
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WHEREFORE, the Debtors respectfully request the entry of the order, substantially in the form attached hereto as Exhibit A, (a) approving the Stipulation and (b) granting such other further relief as is just and proper. Dated: October 4, 2006 KIRKLAND & ELLIS LLP /s/ Marc J. Carmel Richard M. Cieri (NY RC 6062) Citigroup Center 153 East 53rd Street New York, New York 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 -andDavid L. Eaton (IL 3122303) Ray C. Schrock (IL 6257005) Marc J. Carmel (IL 6272032) 200 East Randolph Drive Chicago, Illinois 60601 Telephone: (312) 861-2000 Facsimile: (312) 861-2200 -andCARSON FISCHER, P.L.C. Joseph M. Fischer (P13452) 4111 West Andover Road West - Second Floor Bloomfield Hills, Michigan 48302 Telephone: (248) 644-4840 Facsimile: (248) 644-1832 Co-Counsel for the Debtors
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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
NOTICE AND OPPORTUNITY TO RESPOND TO THE DEBTORS MOTION FOR AN ORDER APPROVING THE STIPULATION REGARDING THE RECEIVABLES TRANSFER AGREEMENT BETWEEN THE DEBTORS AND GENERAL ELECTRIC CAPITAL CORPORATION PLEASE TAKE NOTICE THAT the above-captioned debtors (collectively, the Debtors) have filed their Motion for an Order Approving the Stipulation Regarding the Receivables Transfer Agreement Between the Debtors and General Electric Capital Corporation (the Motion). PLEASE TAKE FURTHER NOTICE THAT your rights may be affected. You may wish to review the Motion and discuss it with your attorney, if you have one in these cases. (If you do not have an attorney, you may wish to consult one.)
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. 05-55991; 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. 05-55964; 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. 0555946; Southwest Laminates, Inc. (d/b/a Southwest Fabric Laminators Inc.), Case No. 05-55948; Wickes Asset Management, Inc., Case No. 0555962; and Wickes Manufacturing Company, Case No. 05-55968.
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PLEASE TAKE FURTHER NOTICE THAT in accordance with the First Amended Notice, Case Management and Administrative Procedures filed on June 9, 2005 [Docket No. 294] (the Case Management Procedures), if you wish to object to the Court granting the relief sought in the Motion, or if you want the Court to otherwise consider your views on the Motion, no later than October 10, 2006 at 4:00 p.m. prevailing Eastern Time, or such shorter time as the Court may hereafter order and of which you may receive subsequent notice, you or your attorney must file with the Court a written response, explaining your position at:2 United States Bankruptcy Court 211 West Fort Street, Suite 2100 Detroit, Michigan 48226 PLEASE TAKE FURTHER NOTICE THAT if you mail your response to the Court for filing, you must mail it early enough so the Court will receive it on or before the date above. PLEASE TAKE FURTHER NOTICE THAT you must also serve the documents so that they are received on or before October 10, 2006 at 4:00 p.m. prevailing Eastern Time, in accordance with the Case Management Procedures, including to: Kirkland & Ellis LLP Attn: Richard M. Cieri Citigroup Center 153 East 53rd Street New York, New York 10022 Facsimile: (212) 446-4900 E-mail: rcieri@kirkland.com -and-
Response or answer must comply with Rule 8(b), (c) and (e) of the Federal Rules of Civil Procedure.
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Kirkland & Ellis LLP Attn: David L. Eaton Ray C. Schrock Marc J. Carmel 200 East Randolph Drive Chicago, Illinois 60601 Facsimile: (312) 861-2200 E-mail: deaton@kirkland.com rschrock@kirkland.com mcarmel@kirkland.com -andCarson Fischer, P.L.C. Attn: Joseph M. Fischer 4111 West Andover Road West - Second Floor Bloomfield Hills, Michigan 48302 Facsimile: (248) 644-1832 E-mail: jfischer@carsonfischer.com PLEASE TAKE FURTHER NOTICE THAT if no responses to the Motion are timely filed and served, the Court may grant the Motion and enter the order without a hearing as set forth in Rule 9014-1 of the Local Rules for the United States Bankruptcy Court for the Eastern District of Michigan.
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Dated: October 4, 2006
KIRKLAND & ELLIS LLP /s/ Marc J. Carmel Richard M. Cieri (NY RC 6062) Citigroup Center 153 East 53rd Street New York, New York 10022 Telephone: (212) 446-4800 Facsimile: (212) 446-4900 -andDavid L. Eaton (IL 3122303) Ray C. Schrock (IL 6257005) Marc J. Carmel (IL 6272032) 200 East Randolph Drive Chicago, Illinois 60601 Telephone: (312) 861-2000 Facsimile: (312) 861-2200 -andCARSON FISCHER, P.L.C. Joseph M. Fischer (P13452) 4111 West Andover Road West - Second Floor Bloomfield Hills, Michigan 48302 Telephone: (248) 644-4840 Facsimile: (248) 644-1832 Co-Counsel for the Debtors
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CERTIFICATE OF SERVICE I, Marc J. Carmel, an attorney, certify that on the 4th day of October, 2006, I caused to be served, by e-mail, facsimile and by overnight delivery, in the manner and to the parties set forth on the attached service lists, a true and correct copy of the foregoing Debtors Motion for an Order Approving the Stipulation Regarding the Receivables Transfer Agreement Between the Debtors and General Electric Capital Corporation. Dated: October 4, 2006 /s/ Marc J. Carmel Marc J. Carmel
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Served via Electronic Mail
CREDITOR NAME A Freeman Acord Inc Adrian City Hall Alice B Eaton Amalgamated Life Askounis & Borst PC Assistant Attorney General of Texas ATC Nymold Corporation Athens City Tax Collector Autoliv ASP Inc Bailey & Cavalieri LLC Baker & Hostetler LLP Balch & Bingham LLP Barclays Bank PLC Barnes & Thornburg LLP Barnes & Thornburg LLP Bartlett Hackett Feinberg
CREDITOR NOTICE NAME John Livingston John Fabor Judith Greenspan Esq Thomas V Askounis Esq E Stuart Phillips Sherry Epstein Mike Keith Eric R Swanson Esq & Anthony J Nellis Esq Adam J Biehl & Yvette A Cox Wendy J Gibson & Brian A Bash Eric T Ray Mr David Bullock John T Gregg Patrick E Mears Frank F McGinn
Benesch Friedlander Coplan & Aronoff LLP William E Schonberg & Stuart A Laven Jr Bernardi Ronayne & Glusac PC Rodney M. Glusac Bernstein Litowitz Berger & Grossman LLP Berry Moorman PC Berry Moorman PC Bird Svendsen Brothers Scheske & Pattison PC Borges & Associates LLC Bradley Arant Rose & White LLP Brendan G Best Brown Rudnick Berlack Israels LLP Bryan Clay Burr & Forman LLP Butzel Long PC Butzel Long PC Cahill Gordon & Reindel Cahill Gordon & Reindel Calhoun Di Ponio & Gaggos PLC Carlile Patchen & Murphy LLP Chambliss Bahner & Stophel PC Champaign County Collector Chris Kocinski City Of Eunice City Of Evart City Of Kitchener Finance Dept City Of Lowell City Of Marshall City Of Muskegon City Of Port Huron City Of Rialto City Of Rochester Hills City Of Salisbury City Of Westland City Of Woonsocket Ri City Treasurer City Treasurer Colbert & Winstead PC Steven Singer & John Browne Dante Benedettini Esq James Murphy Esq Eric J Scheske Wanda Borges Esq Jay R Bender
EMAIL afreeman@akingump.com jlivingston@acordinc.com cityofadrian@iw.net aeaton@stblaw.com jgreenspan@amalgamatedlife.com taskounis@askborst.com stuart.phillips@oag.state.tx.us sepstein@atc-lighting-plastics.com finance@cityofathens.com eric.swanson@autoliv.com tony.nellis@autoliv.com Yvette.Cox@baileycavalieri.com Adam.Biehl@baileycavalieri.com wgibson@bakerlaw.com eray@balch.com david.bullock@barcap.com john.gregg@btlaw.com pmears@btlaw.com ffm@bostonbusinesslaw.com wschonberg@bfca.com slaven@bfca.com rodg@brgpc.com steve@blbglaw.com johnb@blbglaw.com dante@berrymoorman.com murph@berrymoorman.com bsbs@charter.net borgeslawfirm@aol.com jbender@bradleyarant.com bbest@dykema.com rstark@brownrudnick.com ssmith@brownrudnick.com bryan_clay@ham.honda.com shoff@burr.com sharkey@butzel.com osborne@butzel.com wilkins@butzel.com jschaffzin@cahill.com rusadi@cahill.com kcc@cdg-law.com lxf@cpmlaw.com bbailey@cbslawfirm.com bneal@co.champaign.il.us christopher.j.kocinski@bofasecurities.com Eunicela@hotmail.com evartmanager@sbcglobal.net finance@city.kitchener.on.ca MYoung@ci.lowell.ma.us Mevans@cityofmarshall.com roberto.robles@postman.org cphdp@porthuron.org treasurer@rialtoca.gov treasury@rochesterhills.org finwebreq@salisburync.gov finance@ci.westland.mi.us webmaster@woonsocketri.org THovarter@cityofmarshall.com Ncowdrey@corunna-mi.gov amalone@colwinlaw.com skomrower@coleschotz.com mpolitan@coleschotz.com cathy.barron@constellation.com wachstein@coollaw.com
Robert Stark & Steven Smith Shannon E Hoff Daniel N Sharkey & Paula A Osborne Matthew E Wilkins Esq Jonathan A Schaffzin Robert Usadi Kevin C Calhoun Leon Friedberg Bruce C Bailey Barb Neal The Mator at City Hall Roger Elkins City Manager Pauline Houston Lowell Regional Wastewater Maurice S Evans City Manager Bob Robles Treasurer's Office City Treasurer Kurt A Dawson City Assesor Treasurer Business License Div Pretreatment Division Tracy Horvarter Amy Wood Malone
Cole Schotz Meisel Forman & Leonard PA Stuart Komrower & Mark Politan Constellation NewEnergy Inc Catherine Barron Esq Coolidge Wall Womsley & Lombard Steven M Wachstein Esq
In re: Collins & Aikman Corp., et al. Case No. 05-55927 (SWR)
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CREDITOR NAME Crowell & Moring LLP Crowell & Moring LLP Cummings McClorey Davis & Acho PLC DaimlerChrysler DaimlerChrysler DaimlerChrysler Corporation Daniella Saltz Danielle Kemp Danning Gill Diamond & Kollitz LLP David H Freedman David Heller David Youngman Dennis C Roberts PLLC Dickinson Wright PLLC Dickinson Wright PLLC Dilworth Paxson LLP Dow Chemical Company Duane Morris LLP DuPont Dworken & Bernstein Co LPA Dykema Gossett Rooks Pitts PLLC Earle I Erman Eastman & Smith Ltd Elias Meginnes Riffle & Seghetti PC Ellwood Group Inc Erin M Casey Erman Teicher Miller Zucker & Freedman PC Foley & Lardner LLP Frank Gorman Gail Perry Garan Lucow Miller PC Garan Lucow Miller PC Ge Capital GE Polymerland George E Schulman Gold Lange & Majoros PC Gold Lange & Majoros PC Hal Novikoff Handwork & Kerscher LLP Heather Sullivan Hewlett Packard Co Hewlett Packard Co Hunton & Williams LLP Hyman Lippitt PC InterChez Logistics Systems Inc International Union UAW Jacob & Weingarten PC Jaffe Raitt Heuer & Weiss PC Jaffe Raitt Heuer & Weiss PC James A Plemmons James C Edwards Jenner & Block LLP Jim Clough Joe LaFleur Joe Saad John A Harris John Green John J Dawson John S Sawyer Josef Athanas
CREDITOR NOTICE NAME Joseph L Meadows Mark D Plevin R Coulter & K Kinsey
Kim R Kolb Esq
George E Shulman
Dennis C Roberts Dawn R Copley Esq Michael C Hammer Anne Marie Kelley & Scott Freedman Lee H Sjoberg Brian W Bisignani Esq Bruce Tobiansky Howard S Rabb Esq Peter J Schmidt Matthew D Harper Brian J Meginnes & Janaki Nair Susan A Apel Esq
EMAIL jmeadows@crowell.com mplevin@crowell.com rcoulter@cmda-law.com kkinsey@cmda-law.com kpm3@daimlerchrysler.com krk4@daimlerchrysler.com krk4@dcx.com dsaltz@ford.com danielle.kemp@lw.com ges@dgdk.com dfreedman@ermanteicher.com david.heller@lw.com David.Youngman@ColAik.com dcroberts@coxinet.net dcopley@dickinsonwright.com mchammer2@dickinsonwright.com sfreedman@dilworthlaw.com LHSjoberg@dow.com bisignani@duanemorris.com bruce.d.tobiansky@usa.dupont.com abollas@dworkenlaw.com pschmidt@dykema.com eerman@ermanteicher.com mdharper@eastmansmith.com bmeginnes@emrslaw.com jnair@emrslaw.com sapel@elwd.com ecasey@stblaw.com jteicher@ermanteicher.com jo'neill@foley.com fgorman@honigman.com perry.gail@pbgc.com kblair@garanlucow.com rvozza@garanlucow.com rail.sales@ge.com valerie.venable@ge.com ges@dgdk.com emajoros@glmpc.com sgold@glmpc.com dlehl@glmpc.com HSNovikoff@wlrk.com kerscher@aol.com hsullivan@unumprovident.com anne.kennelly@hp.com ken.higman@hp.com jburns@hunton.com bokeefe@hymanlippitt.com mchesnes@interchez.com nganatra@uaw.net rob@jacobweingarten.com aschehr@jaffelaw.com lrochkind@jaffelaw.com jplemmons@dickinson-wright.com jamesedwardslaw@peoplepc.com ppossinger@jenner.com jrc8@daimlerchrysler.com joe_lafleur@ham.honda.com js284477@bloomberg.net jharris@quarles.com greenj@millercanfield.com jdawson@quarles.com jss@sawyerglancy.com josef.athanas@lw.com
Julie Teicher & Dianna Ruhlandt Judy A Oneill Esq
Kellie M Blair Esq Robert Vozza Esq Val Venable Elias T Majoros Stuart A Gold & Donna J Lehl Jeffrey M Kerscher Anne Marie Kennelly Ken Higman John D Burns Brian D Okeefe Mark Chesnes Niraj R Ganatra Robert K Siegel Alicia S Schehr Louis P Rochkind
Paul V Possinger & Peter A Siddiqui
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CREDITOR NAME Joseph Delehant Esq Joseph M Fischer Esq K Crumbo K Schultz Kelley Drye & Warren LLP
CREDITOR NOTICE NAME
James S Carr Denver Edwards
EMAIL joseph.delehant@sylvania.com jfischer@carsonfischer.com kcrumbo@kraftscpas.com kschultz@tmmna.com jcarr@kelleydrye.com robert.bassel@kkue.com kll2@krwlaw.com kim.stagg@nmm.nissan-usa.com Kimberly.Rodriguez@gt.com tah@kompc.com patrick.healy@lawdeb.com daniel.fisher@lawdeb.com stzouvelekas@lwtm.com lwalzer@angelogordon.com veronica.fennie@lfr.com dallas.bankruptcy@publicans.com houston_bankruptcy@publicans.com tim@litespeedpartners.com metkin@lowenstein.com ilevee@lowenstein.com vdagostino@lowenstein.com mcrosby@akingump.com webmaster@misd.net mcarmel@kirkland.com mark.w.fischer@gm.com dhoopes@mayocrowe.com lrosenbloom@mwe.com dchristian@mwe.com jdejonker@mwe.com JRG@msblaw.com palucey@michaelbest.com mpaslay@wallerlaw.com mstamer@akingump.com treasReg@michigan.gov dmgbeachlaw@hawaii.rr.com Michael.Orourke@colaik.com mike.paslay@wallerlaw.com pborenstein@milesstockbridge.com bartolomei@millercanfield.com fusco@millercanfield.com brucemiller@millercohen.com sarbt@millerjohnson.com info@electionsquebec.qc.ca mied@dor.mo.gov jmorganroth@morganrothlaw.com maire@st-zotique.com rrios@munsch.com jbruinsma@mnds-pllc.com kschneider@niccausa.com Nick.Shah@cit.com nina.m.rosete@bofasecurities.com pbaylor@nutter.com rcolasuonno@orlaw.com ssoll@oshr.com phoffman@bofasecurities.com ksummers@psedlaw.com eagle.sara@pbgc.gov efile@pbgc.gov cfilardi@pepehazard.com
Kemp Klein Umphrey Endelman & May PC Robert N Bassel Esq Kerr Russell & Weber PLC Kevin L Larin & James E DeLine Kim Stagg Kimberly Davis Rodriguez Paul Magy Terrance Hiller Jr & Matthew Kupelian Ormond & Magy PC Thompson Law Debenture Trust Company of New York Patrick Healy & Daniel Fisher Leatherwood Walker Todd & Mann PC Seann Gray Tzouvelekas Leigh Walzer Levine Fricke Inc Linebarger Goggan Blair & Sampson LLP Linebarger Goggan Blair & Sampson LLP Litespeed Partners Lowenstein Sandler PC Lowenstein Sandler PC M Crosby Macomb Intermediate School Marc J Carmel Mark Fischer Mayo Crowe LLC Elizabeth Weller John P Dillman Timothy Chen Michael S Etkin & Ira M Levee Vincent A DAgostino Esq
David S Hoopes
McDermott Will & Emery LLP McShane & Bowie PLC Michael Best & Friedrich LLP Michael R Paslay Michael Stamer Michigan Department Of Treasury Mighty Enterprises Inc Mike O'Rourke Mike Paslay Miles & Stockbridge PC Miller Canfield Paddock & Stone PLC Miller Canfield Paddock & Stone PLC Miller Cohen Miller Johnson Ministry Of Finance Corp Tax Branch Missouri Dept Of Revenue Morganroth & Morganroth PLLC Municipalite Du Village De Munsch Hardt Kopf & Harr PC Myers Nelson Dillon & Shierk PLLC NICCA USA Inc Nick Shah Nina Rosete Nutter McClennen & Fish LLP O Reilly Rancilio PC Otterbourg Steindler Houston & Rosen PC Paul Hoffman Pear Sperling Eggan & Daniels PC Pension Benefit Guaranty Corporation Pension Benefit Guaranty Corporation Pepe & Hazard LLP
Lewis Rosenbloom John R Grant Paul A Lucey
David M Gurewitz
Patricia A Borenstein Esq Jose J Bartolomei Timothy A Fusco Esq Bruce A Miller Thomas P Sarb & Robert D Wolford 15663507 Jeffrey Morganroth Lacolle Randall A Rios James R Bruinsma Karen Schneider
Peter Nils Baylor Esq Ralph Colasuonno & Craig S Schoenherr Sr Steven B Soll Esq Kevin N Summers Sara Eagle & Gail Perry Sara Eagle & Gail Perry Charles J Filardi Jr
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CREDITOR NAME Pepper Hamilton LLP Pepper Hamilton LLP Pepper Hamilton LLP Peter Schmidt Peter V Pantaleo Phh Canada Inc Philip Dublin Phoenix Contracting Company Pillsbury Winthrop Shaw Pittman LLP Pillsbury Winthrop Shaw Pittman LLP Pillsbury Winthrop Shaw Pittman LLP Pillsbury Winthrop Shaw Pittman LLP Pitts Hay & Hugenschmidt PA Plunkett & Cooney PC Quadrangle Group LLC Quadrangle Group LLC R Aurand R J Sidman Ralph E McDowell Ravich Meyer Kirkman McGrath & Nauman PA Ray C Schrock Rex D Rainach Rhoades McKee Rick Feinstein Ricoh Canada Inc Riker Danzig Scherer Hyland & Perretti LLP RLI Insurance Company Robert J Diehl Jr Robert Weiss Ronald A Leggett Ronald R Rose Sarah Eagle SC DHEC Sean P Corcoran Seiller Waterman LLC Seyburn Kahn Ginn Bess & Serlin PC Sheehan Phinney Bass & Green PA Sheryl Toby Shumaker Loop & Kendrick LLP Sidley Austin Brown & Wood LLP Sills Cummis Epstein & Gross PC Spengler Nathanson PLL St Paul Travelers Stark County Treasurer State Of Michigan
CREDITOR NOTICE NAME Francis J Lawall & Bonnie MacDougal Kistler J Gregg Miller & Linda J Casey Kenneth H Zucker
Tricia Sommers Craig A Barbarosh Patrick J Potter Esq Rick Antonoff Esq Lara Sheikh Esq Josh J May Esq William B Freeman Esq Robert P Pitts Esq Douglas C Bernstein Andrew Herenstein Patrick Bartels
EMAIL lawallf@pepperlaw.com kistlerb@pepperlaw.com millerj@pepperlaw.com zuckerk@pepperlaw.com pschmidt@dykema.com ppantaleo@stblaw.com phhmail@phhpc.com pdublin@akingump.com triciawinkle@hotmail.com craig.barbarosh@pillsburylaw.com patrick.potter@pillsburylaw.com rick.antonoff@pillsburylaw.com bill.freeman@pillsburylaw.com pittsrm@charter.net dbernstein@plunkettcooney.com andrew.herenstein@quadranglegroup.com patrick.bartels@quadranglegroup.com raurand@e-bbk.com rjsidman@vssp.com rmcdowell@bodmanllp.com mfmcgrath@ravichmeyer.com rschrock@kirkland.com rainach@msn.com dbylenga@rhoadesmckee.com rick.feinstein@ubs.com legal@ricoh.ca
Michael F McGrath Esq A Professional Law Corporation Dan E Bylenga Jr
State Of Michigan State Of Michigan Stephen E Spence Stephen S LaPlante Steven A Siman PC Stevens & Lee PC
Dennis J OGrady Joseph L Schwartz & Curtis M Plaza jschwartz@riker.com Roy Die Roy_Die@rlicorp.com rdiehl@bodmanllp.com rweiss@honigman.com Collector Of Revenue leggettr@stlouiscity.com rrose@dykema.com eagle.sarah@pbgc.com whitehme@dhec.sc.gov Evander Whitehead chandlls@dhec.sc.gov sean.p.corcoran@delphi.com Richard M Rubenstein rubenstein@derbycitylaw.com Leslie Stein lstein@seyburn.com Bruce Harwood bharwood@sheehan.com stoby@dykema.com David H Conaway dconaway@slk-law.com bguzina@sidley.com Bojan Guzina & Brian J Lohan blohan@sidley.com asherman@sillscummis.com Andrew H Sherman & Boris I Mankovetskiy bmankovetskiy@sillscummis.com Michael W Bragg Esq MBragg@SpenglerNathanson.com Vatana Rose vrosa@stp.com PA Powers PAPowers@co.stark.oh.us Michigan Dept Of Environmental Quality Environmental Assistance Div deq-ead-env-assist@michigan.gov Michigan Dept Of Treasury Collection Div Office of Financial Mgmt Cashiers Office treasReg@michigan.gov Michigan Unemployment Insurance Agency shuttkimberlyj@michigan.gov US Trustee steve.e.spence@usdoj.gov laplante@millercanfield.com Steven A Siman sas@simanlaw.net Leonard P Goldberger Esq & John C Kilgannon Esq jck@stevenslee.com
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Stradley Ronon Stevens & Young LLP T Pryce Tax Administrator Textron Inc The Bank of New York The Corporation Of The Town Thomas Radom Treasurer Of State Tricia Sherick Tyco Capital Inc United Rentals Of Canada Inc United Steelworkers Varnum Riddering Schmidt & Howlett LLP Ville De Farnham Vinson & Elkins LLP Von Briesen & Roper SC Voridian Canada Company Warner Norcross & Judd LLP Warner Stevens LLP Wickes Manufacturing Co William C Andrews William G Diehl William J Byrne Willkie Farr & Gallagher LLP Wilmer Cutler Pickering Hale and Dorr LLP WL Ross & Co Womble Carlyle Sandridge & Rice PLLC Zeichner Ellman & Krause LLP
Paul Patterson Esq Jim Cambio Gary S Bush Of Ingersoll Joseph T. Deters
David R Jury Mary Kay Shaver Service de la Tresorerie John E West Randall Crocker & Rebecca Simoni Michael G Cruse Michael D Warner Esq co Stacy Fox of C&A
EMAIL ppatterson@stradley.com mdorval@stradley.com jtrotter@stradley.com tpryce@ford.com jcambio@tax.ri.gov afriedman@textron.com gbush@bankofny.com elantz@town.ingersoll.on.ca radom@butzel.com treasurer@tos.state.oh.us tsherick@honigman.com Frank.Chaffiotte@cit.com e-rental@ur.com djury@steelworkers-usw.org mkshaver@varnumlaw.com msaintdenis@ville.farnham.qc.ca jwest@velaw.com rcrocker@vonbriesen.com blanderson@eastman.com mcruse@wnj.com mwarner@warnerstevens.com stacy.fox@colaik.com kandrews@e-bbk.com wdiehl@e-bbk.com bbyrne@e-bbk.com alipkin@willkie.com rspigel@willkie.com andrew.goldman@wilmerhale.com oiglesias@wlross.com RWhelehan@wcsr.com pjanovsky@zeklaw.com
Alan Lipkin & Roger Spigel Andrew N Goldman Esq Oscar Iglesias Rory D Whelehan Esq Peter Janovsky & Stuart Krause
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(no valid e-mail) CREDITOR NAME American General Finance Attorney General of MI Bayer Material Sciences BNY Midwest Trust Company BNY Midwest Trust Company Brown Corporation City Of Albemarle City Of Battle Creek City Of Longview City Of Sterling Heights Clark Hill PLC Colbond Inc Contrarian Capital Management LLC Dayton Bag & Burlap Co Dow Chemical Co El Paso Natural Gas Company Enerflex Solutions LLC Exxon Chemicals Intertex World Resources Trintex Corp Kilpatrick & Associates PC Lake Erie Products Lambert Leser Isackson Cook & Giunta PC McLane Graf Raulerson & Middleton PA Meridian Magnesium Missouri Dept of Revenue Office of Finance of Los Angeles Office of the US Attorney Orlando Corporation Paul Weiss Rifkind Wharton & Garrison LLP Pension Benefit Guaranty Corporation Pine River Plastics Inc Plastech Progressive Moulded Products Revenue Canada Riverfront Plastic Products Inc Select Industries Corp South Carolina Dept Of Revenue Southco Standard Federal Bank Stark Reagan PC State Of Michigan Teknor Financial Corporation TG North America Town Of Lincoln Finance Office UBS Investment Bank Unique Fabricating Inc Valiant Tool & Mold Inc Vericorr Packaging fka CorrFlex Packaging Viacom Inc CREDITOR NOTICE NAME Matthew H Rick Linda Vesci Mary Callahan Roxane Ellwalleger Mark Ferderber Utilities Department Income Tax Division Water Utilities James P Bulhinger City Treasurer E Todd Sable Don Brown Seth Lax Jeff Rutter David Brasseur Michael J McGinnis Todd McCallum Law Dept Bill Weeks Richardo Kilpatrick Leonora Baughman Lilia Roman Susan M Cook Joseph A Foster Steven A Ginther Bankruptcy Auditor Julia Pidgeon Asst US Atty FAX 217-356-5469 517-373-2060 412-777-4736 312-827-8542 312-827-8542 616-527-3385 704-984-9445 269-966-3629 903-237-1004 586-276-4077 313-965-8252 828-665-5005 203-629-1977 937-258-0029 989-638-9852 713-420-5669 248-430-0134 281-588-4606 770-258-3901 248-377-0800 630-595-0336 989-894-2232 603-625-5650 517-663-2714 573-751-7232 213-368-7076 313-226-3800 905-677-1851 212-757-3990 202-326-4112 810-329-9388 313-792-2729 905-760-3371 902-432-6287 734-281-4483 937-233-7640 803-898-5147 610-361-6082 248-816-4376 248-641-9921 517-241-8077 401-725-5160 248-280-2110 401-333-3648 203-719-1090 248-853-8422 519-944-7748 586-939-4216 412-642-5614
Stephen J Shimshak & Netanella T Zahavi Sara Eagle & Gail Perry Barb Krzywiecki Kelvin W Scott Esq Dan Thiffault George Tabry Christine Brown Sales & Use Tax Division Lorraine Zinar Holly Matthews Joseph A Ahern Linda King Bruce B Galletly Raymond Soucie Rick Feinstein Tom Tekieke General Fax Adriana Avila JoAnn Haller
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CREDITOR NAME Advanced Composites Inc Akin Gump Strauss Hauer & Feld LLP Assoc Receivables Funding Inc Athens City Tax Collector Basell USA Inc Basf Corporation Beam Miller & Rogers PLLC Bell Boyd & Lloyd Inc Brunswick Corp Butzel Long PC Canada Customs & Rev Agency Canada Customs & Rev Agency Charter Township Of Plymouth City Of Barberton City Of Canton City Of Dover City Of Dover City Of Evart Recreation Dept City Of Fullerton City Of Havre De Grace City of Kalamazoo City Of Los Angeles City Of Phoenix City Of Roxboro City Of St Joseph City Of Williamston City Treasurer Collector Of Revenue Collins & Aikman Corp Corning Inc Cox Hodgman & Giarmarco PC Cunningham Dalman PC Dana Corp Davidson Kempner Capital Management LLC Dennis Reis LLC Dold Spath McKelvie & DeLuca PC DuPont Dykema Gossett PLLC Eastman & Smith Ltd ER Wagner Manufacturing Fisher Automotive Systems Fisher America Inc Foley & Lardner LLP Freudenberg Nok Inc
CREDITOR NOTICE NAME Rob Morgan Michael S Stamer Philip C Dublin Mike Keith Jim Frick Charlie Burrill Harry W Miller III Jay Truty Ms Amy Evans Thomas B Radom Attn Receiver General International Tax Service Income Tax Division Canton Income Tax Dept Wastewater Labroratory
Mary Ellen Hinckle Carolyn Rutland PhD Dept Of Building And Safety City Attorneys Office Tax Department Water Department Port Huron Police Department Barbara J Walker Stacy Fox Nancy Holtby Esq William H Horton Esq & Sean M Walsh Esq Jeffrey K Helder Lisa A Wurster Esq Morgan Blackwell Dennis P Reis Charles McKelvie Rita Baird Susan F Herr Ronald Rose & Brendan Best David W Nunn Esq Gary Torke William Stiefel Judy A Oneill Esq
ADDRESS1 1062 S 4th Ave 590 Madison Ave PO Box 16253 PO Box 849 7925 Kingsland Dr 1609 Biddle Ave 709 Taylor St 3 1st National Plaza Ste 3300 Law Dept 100 Bloomfield Hills Pkwy Ste 100 1 5 Notre Ave 2204 Walkley Rd PO Box 8040 104 3rd St NW PO Box 9951 484 Middle Rd PO Box 818 200 South Main St 303 W Commonwealth Ave 711 Pennington Ave Public Svc Dept Env Svc Div 201 N Figueroa St No 786 200 W Washington St 13th Fl PO Box 128 700 BRd St 161 E Grand River 100 Mcmorran 201 N Second St 26553 Evergreen Rd Legal Dept Columbia Center 10th Fl 321 Settlers Rd 4500 Dorr St 885 Third Ave Ste 3300 7000 N Green Bay Ave Kellie Schone Jayson Macyda DuPont Legal D 7156 400 Renaissance Center One SeaGate 24th Fl 4611 North 32nd St 1084 Doris Rd 500 Woodward Ave Ste 2700 47690 E Anchor Ct
CITY Sidney New York Greenville Athens Raleigh Wyandotte PO Box 280240 Nashville 70 W Madison St Chicago One North Field Ct Lake Forest Bloomfield Hills Sudbury Ottawa Plymouth Barberton Canton Dover Dover Evart Fullerton Havre De Grace 1415 N Harrison St Kalamazoo File 54563 Los Angeles Phoenix Roxboro St Joseph Williamston Port Huron St Charles Ste 900 Southfield Riverfront Plaza HQ E2 10 Corning 101 W Big Beaver Rd Troy PO Box 1767 Holland PO Box 1000 Toledo New York Milwaukee 5445 Corporate Dr Ste 170 Troy 1007 N Market St Wilmington Detroit PO Box 10032 Toledo Milwaukee Auburn Hills Detroit Plymouth
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CREDITOR NAME Ga Dept Of Revenue Gaston County Ge Capital Ge Capital Ge Capital Ge Capital Comm Serv Astro Dye GECC General Motors Corp Harford County Revenue Heritage Environmental Svcs Inc Hicks Casey & Foster PC Highwoods Forsyth Lp Highwoods Forsyth Lp Hnk Michigan Properties Indiana Department Of Revenue Indiana Dept Of Revenue Indiana Steel & Wire Co Industrial Development Board Industrial Leasing Company Industrial Truck Sales & Svc Inmet Division of Multimatic Internal Revenue Service Invista ISP Elastomer James R Temple Janesville Products Keith Milligan Latham & Watkins LLP Lear Corp Lear Corp Manpower Meridian Park Michigan Dept of Treasury Mills & Stockbridge PC Ministre Du Revenu Du Quebec Municipality Of Port Hope North Loop Partners Ltd Nossiff & Giampa PC Oakland County Corporation Counsel Oklahoma County Treasurer Oneida County SCU PolyOne Corp Prestige Property Tax Special
CREDITOR NOTICE NAME Director's Office for Taxpayer Services Division
ADDRESS1 PO Box 105499 PO Box 890691 PO Box 740434 PO Box 640387 PO Box 642444 PO Box 60500 1787 Sentry Pkwy W 16 Sentry Park 300 Renaissance Center 220 South Main St 7901 W Morris St 136 N Fairground St Ste 100 Attn Lease Administration Attn Lease Administration 7255 Crossleigh Court Ste 108 100 N Senate Ave PO Box 7218 1 E 4th St PO Box 4660 PO Box 1803 PO Box 1807 35 West Milmot St Box 330500 Stop 15 601 S LA Salle St Ste 310 PO Box 4346 108 W Scott St 2700 Patterson Ave 3745 C Us Hwy 80 W Sears Tower Ste 5800 World Headquarters 21557 Telegraph Rd 30800 Northwestern Hwy 2707 Meridian Dr 3030 W Grand Blvd Ste 10 200 10 Light St 3800 Marly PO Box 117 PO Box 3449 24 Chestnut St 1200 N Telegraph Rd Asst District Attorney 800 Park Ave 4th Fl 33587 Walker Rd 1025 King St East
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Linda L Bentley Mr Ken Price Samuel D Hicks Esq co Highwoods Properties Llc co Highwoods Properties Llc co Rudolph libbe Properties
Ste 200 PO Box 300
Blue Bell Detroit Bel Air Indianapolis Marietta
Michael L Cioffi of the City of Montgomery
SBSE Insolvency Unit Tim Gorman Laura Kelly David Heller Josef Athanas & Danielle Kemp Janis N Acosta Esq C Garland Waller Michael A Cox Juandisha M Harris & Heather Donald Stephen M Sylvestri Esq
2120 West End Ave Ste 100 Nashville 3100 Smoketree Ct Ste 600 Raleigh Toledo Indianapolis Indianapolis Cincinnati Montgomery Grand Rapids Durham Richmond Hill Detroit Chicago Houston Grand Ledge Grand Rapids Phenix 233 S Wacker Dr Chicago 21557 Telegraph Rd Southfield Southfield Farmington Hills Greenville Detroit Baltimore Ste Foy Port Hope Longview Dover Pontiac 320 Robert S Kerr Rm 307 Oklahoma City Utica Avon Lake Cambridge
Canada
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CREDITOR NAME Princeton Properties Qrs 14 Paying Agent Qrs 14 Paying Agent Inc Railroad Drive Lp Receivable Management Services Receiver General For Canada Receiver General For Canada Receiver General for Canada Receiver General For Canada Revenue Canada Securities and Exchange Commission Securities and Exchange Commission Shapero & Green LLC Simpson Thacher & Bartlett LLP State Of Alabama State Of Michigan State Of Michigan State Of Michigan State Of Michigan State of Michigan State of Michigan Central Functions Unit Stephen E Spence Summit Property Management Inc Tate Boulevard I Llc Tax Collector Tcs Realty Ltd Teleflex Inc Tennessee Department of Revenue The Goodyear Tire & Rubber Co The Town Of Pageland Thomas & Betts Corp Tom Heck Truck Service Town Of Farmington Town Of Farmville Town Of Gananoque Town Of Old Fort Town Of Pageland Town Of Troy Tr Associates Treasurer City Of Detroit Unifi Inc Uniform Color Co United States Attorney for the Eastern District of Michigan Valeo Inc Vari Form Inc Vespera Lowell Llc
Phyllis A Hayes
ADDRESS1 678 Princeton Blvd Church St Station 50 Rockefeller Lobby 2 100 Vesper Executive Pk 9690 Deereco Rd Ste 200
ADDRESS2 PO Box 6529
PO Box 5126
CITY Lowell New York New York Tyngsboro Timonium Ottawa Ottawa Dorval Belleville Ottawa Chicago Chicago
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ZIP 01851 10249 10020-1605 01879-2710 21093 K1A 1B1 K1P 6K1 H4Y 1G7 K8N 2S3 K1A 9Z9 60604 60604 44122 10017-3954 36104 48909 48909 48277-0833 48909 48918-0001 48909-8244 48226 48075 28602 937151192 K8V 5R1 19468 37247 44316-0001 29728 38125 61802 03835 27828-1621 K7G 2T6 28762 29728 27371 48083 48232 27410-6237 49423 48226 48326-2356 48089 06830
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Canada Customs & Rev Agency Technology Ctr 875 Heron Rd Industry Canada Als Financial Postal Station D Box 2330 700 Leigh Capreol 11 Station St Ottawa Technology Centre Angela Dodd 175 W Jackson Blvd Ste 900 Midwest Regional Office 175 W Jackson Blvd Ste 900 Brian Green Peter Pantaleo Erin Casey & Alice Eaton Dept Of Commerce & Nat Res Matthew Rick Asst Attorney General State Of Michigan Mc State Secondary Complex Signature Square II Ste 220 425 Lexington Ave Department Of Revenue PO Box 30004 PO Box 30754 Dept 77833 7150 Harris Dr PO Box 30015 430 W Allegan St Office of Child Support 211 W Fort St Ste 700 24901 Northwestern Hwy 302 1985 Blvd Se PO Box 1192 21 Albert St 155 S Limerick Rd Cordell Hall 1144 E Market St 126 North Pearl St 8155 TB Blvd 1306 E Triumph Dr 356 Main St 115 West Church St 30 King St East PO Box 520 PO Box 67 315 North Main St 200 E Big Beaver PO Box 33525 7201 W Friendly Ave 942 Brooks Ave 211 W Fort St Ste 2001 3000 University Dr 12341 E 9 Mile Rd 10 Livingston Pl 2nd Fl
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Canada Canada Canada Canada Canada
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Jennifer Nelles US Trustee First Plaza County Of Fresno Jim Leyden TN Attorney Generals Office Steven C Bordenkircher Esq Michael F Geiger Esq
PO Box 2228
Canada
425 5th Ave N PO Box 67
Farmville Downtown Partnership
PO Box 100
Canada
Fsia Inc
Randy Lueth Attn Civil Division Jerry Dittrich Terry Nardone Blue Point Capital Bpv Lowell LLC
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CREDITOR NAME Village Of Holmesville Village Of Rantoul Visteon Climate Control W9 Lws Real Estate Limited Wachtell Lipton Rosen & Katz Wellington Green LLC Young & Susser PC
ADDRESS1 205 Millersburg Rd 333 S Tanner One Village Center Dr
ADDRESS2 PO Box 113
CITY Holmesville Rantoul Van Buren Ste PO RFQ Office Township Charlotte New York Bingham Farms Southfield
STATE OH IL MI NC NY MI MI
ZIP 44633 61866 48111 28262-2337 10019 48025 48034
COUNTRY
co Lincoln Harris Llc Hal Novikoff Steven Susser P52940
10101 Claude Freeman Dr Ste 200 N 51 W 52nd St 31100 Telegraph Rd Ste 200 26200 American Dr Ste 305
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EXHIBIT A
ORDER APPROVING THE STIPULATION REGARDING THE RECEIVABLES TRANSFER AGREEMENT BETWEEN THE DEBTORS AND GENERAL ELECTRIC CAPITAL CORPORATION Upon the motion (the Motion)2 of the above-captioned debtors (collectively, the Debtors) for an order approving the stipulation regarding the Receivables Transfer Agreement between the Debtors and General Electric Capital Corporation [Docket No. ___]; it appearing that the relief requested is in the best interest of the Debtors estates, their creditors and other parties in interest; 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
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. 05-55991; 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. 05-55964; 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. 0555946; Southwest Laminates, Inc. (d/b/a Southwest Fabric Laminators Inc.), Case No. 05-55948; Wickes Asset Management, Inc., Case No. 0555962; 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.
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appearing that venue of this proceeding and this Motion in this District is proper pursuant to 28 U.S.C. 1408 and 1409; it appearing that notice of the Motion, the Stipulation and the opportunity for a hearing on this Motion was appropriate under the particular circumstances and that no other or further notice need by given; and after due deliberation and sufficient cause appearing therefor, it is hereby ORDERED 1. 2. 3. cases. 4. The Debtors are authorized to take all actions necessary to effectuate the relief The Motion is granted in its entirety. The Stipulation is approved. The Stipulation and the Order are binding on all parties in interest in the chapter 11
granted pursuant to this Order in accordance with the Motion. 5. upon its entry. 6. The Court retains jurisdiction with respect to all matters arising from or related to the The terms and conditions of this Order shall be immediately effective and enforceable
implementation of this Order.
2
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EXHIBIT B
STIPULATION AUTHORIZING AND DIRECTING PAYMENT IN FULL OF THE SECURITIZATION OBLIGATIONS TO GENERAL ELECTRIC CAPITAL CORPORATION AND RELEASE OF ALL CLAIMS OF THE DEBTORS AND THEIR ESTATES RELATED THERETO A. On May 17, 2005 (the Petition Date) Collins & Aikman Products Co.
(C&A) and the other above-captioned debtors (collectively, the Debtors) filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code, 11 U.S.C. 101-1330 (the Bankruptcy Code), commencing these chapter 11 cases (the Chapter 11 Cases). Chapter 11 Cases are being jointly administered under Case Number 05-55927. B.
1
The
General Electric Capital Corporation (GECC) asserts that pursuant to
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. 05-55991; 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. 05-55964; 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.
K&E 11278991.14
the Amended and Restated Receivables Purchase Agreement dated as of December 20, 2001 (as amended from time to time prior to the Petition Date, the RPA) among C&A and its wholly owned direct and indirect subsidiaries named therein, as sellers (the Sellers), and Carcorp, Inc. (Carcorp), as purchaser, the Sellers sold, assigned and transferred to Carcorp, Inc. all of their right, title and interest in and to the Receivables, the Related Security, the Collections and the Proceeds (as each such term is defined in the RTA, which is defined below). GECC asserts that pursuant to the Receivables Transfer Agreement dated as of December 20, 2001 (as amended and restated as of September 20, 2002, and as further amended from time to time prior to the Petition Date, the RTA), among Carcorp, Inc., as transferor, C&A, individually and as collection agent, and GECC, as administrative agent and committed purchaser, Carcorp, Inc. transferred to GECC, as committed purchaser, and granted to GECC, as administrative agent, perfected security interests in the Receivables, the Related Security, the Collections and the Proceeds (collectively, the Pre-Petition Receivables Facility Interests).2 C. JPMorgan Chase Bank, N.A. (JPMorgan), in its capacity as
administrative agent (in such capacity, the Pre-Petition Agent) for itself and the lenders party to the Credit Agreement dated as of December 20, 2001 (as amended and restated as of September 1, 2004, and as further amended from time to time prior to the Petition Date), among C&A, the lenders listed therein (the Pre-Petition Secured Lenders) and JPMorgan, as administrative agent and collateral agent and Credit Suisse First Boston, as syndication agent (the Pre-Petition Credit Agreement) and the collateral and security agreements related thereto (collectively with the Pre-Petition Credit Agreement, the Pre-Petition Loan Documents), the Pre-Petition Agent, for the benefit of the Pre-Petition Secured Lenders, has a lien and security
2
Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the RTA.
2
K&E 11278991.14
interest on substantially all of the Debtors assets other than the Pre-Petition Receivables Facility Interests to the extent the Pre-Petition Receivables Facility Interests do not constitute property of the Debtors estates. D. JPMorgan, in its capacity as administrative agent (in such capacity, the
DIP Agent) for itself and the lenders party to the Amended and Restated Revolving Credit, Term Loan and Guaranty Agreement, dated as of July 28, 2005, among the Debtors, JPMorgan, each of the other financial institutions from time to time party thereto (together with JPMorgan, the DIP Lenders) and JPMorgan, as administrative agent for the DIP Lenders (as amended, modified or otherwise supplemented from time to time, the DIP Credit Agreement) asserts that pursuant to 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 [Docket No. 809] (the Final DIP Order, and with the DIP Credit Agreements, the DIP Documents) and the DIP Credit Agreement, the DIP Agent, for the benefit of the DIP Lenders, has superpriority claims, liens and security interests on substantially all of the Debtors assets, other than the Pre-Petition Receivables Facility Interests to the extent the Pre-Petition Receivables Facility Interests do not constitute property of the Debtors estates, with priority over the security interests and liens granted under the Pre-Petition Loan Documents. E. Prior to the date hereof, certain of the Collections with respect to the Pre-
Petition Receivables Security Interests were allegedly incorrectly deposited in the Debtors operating account at JPMorgan (the Operating Account) and certain collections on post-
3
K&E 11278991.14
petition accounts receivable constituting collateral of the DIP Agent were allegedly incorrectly deposited in GECCs lockbox (the Lockbox). F. On July 7, 2005, the Debtors, GECC, the Pre-Petition Agent and the DIP
Agent (the Interim Stipulation Parties) executed the Stipulation and Order Resolving Emergency Motion of General Electric Capital Corporation for Relief from the Automatic Stay (the Interim Stipulation), which was approved by the Court on July 7, 2005 [Docket No. 650]. Pursuant to the Interim Stipulation, among other things, the Interim Stipulation Parties agreed and this Court ordered that the Debtors would keep $5 million deposited in a segregated deposit account (the GECC Deposit) free and clear of all liens, claims and encumbrances to adequately protect GECC against any further incorrect deposits of Collections into the Operating Account. G. Most of the obligations of the Sellers and Carcorp to GECC under the
RPA and the RTA (the Securitization Obligations) have been paid. The value of the remaining Pre-Petition Receivables Facility Interests exceeds the remaining Securitization Obligations. H. As of the date hereof or in the near future, the Debtors expect that the
GECC Deposit will exceed the outstanding Securitization Obligations. I. Based on the foregoing, Carcorp, the Debtors and the other Sellers believe
it is in their respective best interests and desire to terminate the RPA and RTA and repay the Securitization Obligations to GECC in full once the GECC Deposit meets or exceeds the outstanding Securitization Obligations. Carcorp, the Debtors, the other Sellers, GECC, the PrePetition Agent and the DIP Agent (the Parties) consent and agree to such termination and repayment and the lien releases and other releases set forth herein upon the terms and conditions set forth herein. J. On August 5, 2005, GECC filed the Emergency Motion and Memorandum 4
K&E 11278991.14
of Law of General Electric Capital Corporation to Compel Performance under the Receivables Transfer Agreement [Docket No. 834] (the Motion to Compel Performance). K. On September 14, 2005, GECC filed a complaint against Collins &
Aikman Corporation, Carcorp, Inc., General Motors Corporation, General Motors of Canada Limited, General Motors de Mexico, S. del R.L. de C.V., Saturn Corporation, DaimlerChrysler Corporation, DaimlerChrysler Canada, Inc. and DaimlerChrysler Motor Company, LLC [Adv. Proc. No. 05-05689] (the GECC Adversary Proceeding). L. In accordance with the Interim Stipulation, GECC and C&A reconciled
payments on pre- and post-petition receivables directed to the Operating Account and the Lockbox, respectively, resulting in GECC paying C&A an aggregate amount of approximately $26,000,000 for payments on post-petition receivables improperly remitted by customers to GECC in excess of payments on pre-petition receivables improperly remitted by customers to C&A (the Reconciliation Payments). M. GECC acknowledges that all amounts that have been deposited with
GECC from the date of the Interim Stipulation through the date hereof on account of any Receivables, including any Designated Tooling Receivables (as defined in the
Interim Stipulation), have been deposited in the Lockbox or utilized to pay the Securitization Obligations, and to the extent such amounts have not been deposited in the Lockbox or utilized to pay the Securitization Obligations, GECC will pay such amounts to C&A or its designee pursuant to Paragraph 3(b)(ii) hereof. N. On October 4, 2006, the Debtors filed the Motion to Approve Stipulation
Authorizing and Directing Payment in Full of the Securitization Obligations to General Electric
5
K&E 11278991.14
Capital Corporation and Release of All Claims of the Debtors and their Estates Related Thereto (the Motion). NOW, THEREFORE, IT IS HEREBY STIPULATED AND AGREED BY THE PARTIES HERETO: 1. This Stipulation amends and supersedes the Interim Stipulation and if
there is any inconsistency between this Stipulation and the Interim Stipulation, this Stipulation shall govern; provided, that if this Stipulation is not approved by the Court on or prior to October 31, 2006, this Stipulation shall be void and of no further force and effect, none of the Parties hereto shall be bound by any of the terms or provisions hereof and this Stipulation shall not amend or supersede the Interim Stipulation. 2. The parties hereto hereby agree that the outstanding amount of
Securitization Obligations (after deducting the amounts in the Lockbox from the amount of the outstanding Securitization Obligations) as of October __, 2006 (the Payoff Date) is $_________, including accrued and unpaid interest, fees and expenses through and including such date (the Base Payoff Amount). The parties hereto further agree that if the Base Payoff Amount is not paid by noon Eastern Time on the Payoff Date, the Base Payoff Amount shall increase by $______ and thereafter by an additional $______ per diem at noon Eastern Time on each day thereafter (such amounts, together with the Base Payoff Amount, are referred to herein as the Payoff Amount). No later than two business days after the order approving the
Stipulation has been entered and the GECC Deposit equals or exceeds the amount of the outstanding Securitization Obligations, (a) the GECC Deposit shall be paid to GECC free and clear of all liens, claims and encumbrances, but only to the extent necessary to pay the
6
K&E 11278991.14
Payoff Amount, and (b) all remaining amounts in the deposit account containing the GECC Deposit shall be paid to C&A. 3. Upon the satisfaction in full of the Securitization Obligations pursuant to
paragraph 2 herein and the eleventh day after entry of the order approving this Stipulation if no notice of appeal has been filed, GECC shall (a) transfer all rights, claims and interests in the Lockbox to the Debtors and (b) within the later of two business days after (i) the eleventh day after entry of the order approving this Stipulation and (ii) receipt, pay to C&A or its designee any amounts that have been deposited with GECC on account of any Receivables in excess of the amount required to satisfy the Securitization Obligations in full and deliver any supporting documentation with respect thereto to the Debtors or its designee. 4. To the extent that the Pre-Petition Agent or the Pre-Petition Secured
Lenders have or had a security interest in any of the amounts used to pay GECC as contemplated by this Stipulation, such payment shall be deemed a use of cash collateral for which the PrePetition Agent and the Pre-Petition Secured Lenders are entitled to adequate protection in accordance with the provisions of the Final DIP Order. 5. Notwithstanding anything in the Interim Stipulation, the Pre-Petition Loan
Documents and the DIP Documents to the contrary, to the extent necessary to pay the Securitization Obligations, GECC may retain all payments that were made to the Lockbox (regardless of whether such payments relate to Pre-Petition Receivables Facility Interests or postpetition accounts receivable) free and clear of all liens, claims and encumbrances and the PrePetition Agent and DIP Agent hereby release and waive any liens, claims or encumbrances they have on (a) the funds deposited in the Lockbox and (b) the funds utilized from the GECC Deposit to pay the Securitization Obligations. 7
K&E 11278991.14
6.
Upon (a) GECC receiving the Payoff Amount and (b) the eleventh day
after the entry of the order approving the Stipulation, if such order is not the subject of an appeal, (i) all of the Securitization Obligations shall be deemed to have been paid and satisfied in full, (ii) all security interests and other liens granted to or held by GECC on the Pre-Petition Receivables Facility Interests shall be satisfied, released and discharged and (iii) the RPA, the RTA and all related documents and instruments (the Transaction Documents) shall terminate and be of no further force and effect other than those provisions therein that specifically survive termination. 7. Upon (a) GECC receiving the Payoff Amount and (b) the eleventh day
after the entry of the order approving the Stipulation, if such order is not the subject of an appeal, each of Carcorp, the Debtors, the Debtors estates and the other Sellers (each, a C&A Releasor), hereby: (i) release and discharge GECC, together with its affiliates, agents, attorneys, officers, directors, employees, shareholders and representatives from any and all claims, obligations, rights, causes of action and liabilities, of whatever kind or nature, whether known or unknown, whether foreseen or unforeseen, based upon or related to, in whole or in part: (w) any of the Transaction Documents; (x) any aspect of the Pre-Petition relationship between GECC and any C&A Releasor in connection with any of the Transaction Documents; (y) any other acts or omissions by GECC in connection with any of the Transaction Documents; or (z) the Reconciliation Payments; and (ii) waive any and all defenses (including, without limitation, offsets and counterclaims of any nature or kind) as to the validity, perfection, priority, enforceability and nonavoidability (under 11 U.S.C. 510, 544, 545, 547, 548, 550, 551, 552 or 553 or otherwise) of the Securitization Obligations and the security interests in and liens on the Pre-Petition Receivables Facility Interests in favor of GECC. The foregoing release, discharge 8
K&E 11278991.14
and waiver shall be binding upon all creditors and parties in interest, the Debtors and their estates. Notwithstanding anything in the foregoing release to the contrary, C&A expressly does not release any of its claims, obligations, rights or causes of action with respect to (a) the Master Lease Agreement between GECC and C&A dated as of August 7, 2001, as amended, (b) the Master Lease Agreement between GECC and C&A dated as of December 20, 2001, as amended, (c) the Master Lease Agreement between GECC and C&A dated as of June 25, 2004, as amended, (d) the Master Lease Agreement between GECC and The Becker Group dated as of May 7, 1993, as amended, and (e) the Aircraft Lease Agreement between GECC and C&A dated August 18, 1999, as amended, or any of the Debtors other relationships with GECC, their affiliates or subsidiaries not specifically referenced in this Paragraph 7. 8. Upon (a) GECC receiving the Payoff Amount and (b) the eleventh day
after the entry of the order approving the Stipulation, if such order is not the subject of an appeal, GECC hereby releases and discharges each of Carcorp, the Debtors, the Debtors estates and the other Sellers (each, a C&A Entity), together with each of the C&A Entities affiliates, agents, attorneys, officers, directors, employees, shareholders and representatives from any and all claims, obligations, rights, causes of action and liabilities, of whatever kind or nature, whether known or unknown, whether foreseen or unforeseen, based upon or related to, in whole or in part, (i) any of the Transaction Documents, (ii) any aspect of the Pre-Petition relationship between any C&A Entity and GECC in connection with any of the Transaction Documents, (iii) any other acts or omissions by any C&A Entity in connection with any of the Transaction Documents or (iv) the Reconciliation Payments; provided, however, that, notwithstanding the foregoing, nothing in this paragraph 8 shall be a release by GECC of any obligations of any C&A Entity under or described in Section 8.07 of the RTA, Section 9.01 of the RTA, or 9
K&E 11278991.14
Section 10.01 of the RTA or a waiver by any C&A Entity of its defenses thereto. Nothing set forth herein shall alter in any way the obligations of any C&A Entity under Section 8.07 of the RTA, Section 9.01 of the RTA, or Section 10.01 of the RTA. Notwithstanding anything in the foregoing release to the contrary, GECC expressly does not release any of its claims, obligations, rights or causes of action with respect to (a) the Master Lease Agreement between GECC and C&A dated as of August 7, 2001, as amended, (b) the Master Lease Agreement between GECC and C&A dated as of December 20, 2001, as amended, (c) the Master Lease Agreement between GECC and C&A dated as of June 25, 2004, as amended, (d) the Master Lease Agreement between GECC and The Becker Group dated as of May 7, 1993, as amended, and (e) the Aircraft Lease Agreement between GECC and C&A dated August 18, 1999, as amended, or any of GECCs other relationships with the Debtors, their affiliates or subsidiaries not specifically referenced in this Paragraph 8. 9. Upon (a) GECC receiving the Payoff Amount and (b) the eleventh day
after the entry of the order approving the Stipulation, if such order is not the subject of an appeal, (i) GECC will withdraw the Motion to Compel Performance with prejudice and (ii) GECC will dismiss its claims in the GECC Adversary Proceeding with prejudice; provided that such dismissal shall not impair or affect (y) the Debtors rights to pursue any action or claims or (z) any parties defenses with respect thereto. 10. In the event of a dispute among any of the parties hereto regarding the
implementation of the Stipulation, the parties consent to such dispute being heard by the Court after at least 5 business days notice to the other parties hereto (a) at the next regularly scheduled omnibus hearing date or (b) such other date agreeable to the parties and acceptable to the Court.
10
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11. dependent. 12.
All of the provisions of this Stipulation are non-severable and mutually
The attorney signatories hereto have been duly authorized to enter into this
Stipulation by the clients listed below their names and addresses on the signature page hereto. 13. The provisions of this Stipulation shall be binding upon and inure to the
benefit of GECC, the Pre-Petition Agent, the DIP Agent, Carcorp, the Debtors, the other Sellers, and their respective successors and assigns (including any trustee or other estate representative appointed as a representative of any Debtors estate or of any estate in any subsequent chapter 7 case).
11
K&E 11278991.14
Dated: October __, 2006 KIRKLAND & ELLIS LLP __________________________________ Richard M. Cieri (NY RC 6062) Citigroup Center 153 East 53rd Street New York, New York 10022 Telephone: (212) 446 4800 Facsimile: (212) 446 4900 -andDavid L. Eaton (IL 3122303) Ray C. Schrock (IL 6257005) Marc J. Carmel (IL 6272032) 200 East Randolph Drive Chicago, Illinois 60601 Telephone: (312) 861 2000 Facsimile: (312) 861 2200 -andCARSON FISCHER, P.L.C. Joseph M. Fischer (P13452) 300 East Maple Road, Third Floor Birmingham, Michigan 48009 Telephone: (248) 644 4840 Facsimile: (248) 644 1832 Attorneys for Carcorp, the Debtors and the Other Sellers LATHAM & WATKINS LLP __________________________________ David S. Heller Josef S. Athanas 233 South Wacker Drive Sears Tower, Suite 5800 Chicago, Illinois 60606 Telephone: (312) 876-7700 Facsimile: (312) 993-9767 Attorneys for General Electric Capital Corporation 12
K&E 11278991.14
WACHTELL, LIPTON, ROSEN & KATZ __________________________________ Harold S. Novikoff 51 West 52nd Street New York, New York 10019 Telephone: (212) 403-1000 Facsimile: (212) 403-2000 -andDYKEMA GOSSETT PLLC Ronald L. Rose (P19621) 400 Renaissance Center Detroit, Michigan 48243 Telephone: (313) 568-6553 Facsimile: (313) 568-6893 Attorneys for JPMorgan Chase Bank, N.A. as Administrative Agent for the Pre-Petition Secured Lenders
SIMPSON THACHER & BARTLETT LLP
__________________________________ Peter Pantaleo Alice B. Eaton 425 Lexington Avenue New York, New York 10017 Telephone: (212) 455-2000 Facsimile: (212) 455-2502 -andDYKEMA GOSSETT PLLC Ronald L. Rose (P19621) 400 Renaissance Center Detroit, Michigan 48243 Telephone: (313) 568-6553 Facsimile: (313) 568-6893 Attorneys for JPMorgan Chase Bank, N.A. as Administrative Agent for the Post-Petition Secured Lenders

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

Dated: October 4, 2006

Served via Electronic Mail

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Kim R Kolb Esq

Julie Teicher & Dianna Ruhlandt Judy A Oneill Esq

Paul V Possinger & Peter A Siddiqui

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Lewis Rosenbloom John R Grant Paul A Lucey

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ADDRESS1 205 Millersburg Rd 333 S Tanner One Village Center Dr

ADDRESS2 PO Box 113

ZIP 44633 61866 48111 28262-2337 10019 48025 48034

co Lincoln Harris Llc Hal Novikoff Steven Susser P52940

implementation of this Order.

General Electric Capital Corporation (GECC) asserts that pursuant to

11. dependent. 12.

All of the provisions of this Stipulation are non-severable and mutually

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