Collins & Aikman files for Chapter 11 protection

Troy, Michigan–Cash-strapped interiors and trim supplier Collins & Aikman Corp. has filed for Chapter 11 bankruptcy protection from creditors, five days after former CEO David Stockman quit abruptly.

Collins & Aikman said it has a commitment to get as much as $300 million in financing from JPMorgan Chase & Co. to keep the business running.

The company said John Boken, of financial advisers Kroll Zolfo Cooper of New York, was named chief restructuring officer. The company also has hired law firm Kirkland & Ellis L.L.P. and investment…

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