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

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    Chapter 11 Dockets
    1) Collins & Aikman Corporation and its affiliates (the Debtors) filed for Chapter 11 bankruptcy on May 17, 2005. Lear Corporation filed a motion seeking relief from the automatic stay to set off or recoup prepetition amounts owed by the Debtors. 2) This stipulation between the Debtors and Lear provides that the automatic stay will remain in effect with respect to Lear and its motion until the court issues a final order. 3) The bankruptcy court will retain jurisdiction over any disputes related to the stipulation.

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

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    Chapter 11 Dockets
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    1) Collins & Aikman Corporation and its affiliates (the Debtors) filed for Chapter 11 bankruptcy on May 17, 2005. Lear Corporation filed a motion seeking relief from the automatic stay to set off or recoup prepetition amounts owed by the Debtors. 2) This stipulation between the Debtors and Lear provides that the automatic stay will remain in effect with respect to Lear and its motion until the court issues a final order. 3) The bankruptcy court will retain jurisdiction over any disputes related to the stipulation.

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    1) Collins & Aikman Corporation and its affiliates (the Debtors) filed for Chapter 11 bankruptcy on May 17, 2005. Lear Corporation filed a motion seeking relief from the automatic stay to set off or recoup prepetition amounts owed by the Debtors. 2) This stipulation between the Debtors and Lear provides that the automatic stay will remain in effect with respect to Lear and its motion until the court issues a final order. 3) The bankruptcy court will retain jurisdiction over any disputes related to the stipulation.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    35 views3 pages

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

    Uploaded by

    Chapter 11 Dockets
    1) Collins & Aikman Corporation and its affiliates (the Debtors) filed for Chapter 11 bankruptcy on May 17, 2005. Lear Corporation filed a motion seeking relief from the automatic stay to set off or recoup prepetition amounts owed by the Debtors. 2) This stipulation between the Debtors and Lear provides that the automatic stay will remain in effect with respect to Lear and its motion until the court issues a final order. 3) The bankruptcy court will retain jurisdiction over any disputes related to the stipulation.

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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

    STIPULATION BY AND BETWEEN THE DEBTORS AND LEAR CORPORATION REGARDING LEAR CORPORATIONS MOTION FOR RELIEF FROM STAY This Stipulation regarding Lear Corporations Motion for Relief from Stay [Docket No. 1619] (the Stay Motion) is made as of November 25, 2005, by and between the above-captioned debtors (collectively, the Debtors) and Lear Corporation (Lear) (each a Party and, collectively, the Parties). WHEREAS, on May 17, 2005 (the Petition Date), the Debtors filed petitions for relief under chapter 11 of title 11 of the United States Code, 11 U.S.C. 101-1330 (the Bankruptcy Code), in the United States Bankruptcy Court for the Eastern District of

    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.

    K&E 10825183.4

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    0555927051128000000000012

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    Michigan; WHEREAS, upon the filing of Debtors chapter 11 petitions, the automatic stay of section 362 of the Bankruptcy Code, 11 U.S.C. 362, prevented Lear from exercising any legal rights to setoff it allegedly has against the Debtors. Lear asserts that the automatic stay does not apply to its recoupment; and WHEREAS, on November 3, 2005, Lear filed its Stay Motion asserting that as a precautionary matter it was seeking relief from the automatic stay imposed by section 362 to setoff or recoup prepetition amounts that are or may become owed to Lear by the Debtors. NOW, THEREFORE, in consideration of the mutual promises contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, it is hereby stipulated and agreed to by and among the Parties, as follows: 1. Notwithstanding section 362(e) of the Bankruptcy Code, to the extent that it is or

    was applicable (which is not determined by this Stipulation), the automatic stay of section 362 will continue in full force and effect with respect to Lear, the Stay Motion and the relief requested therein until such time as the Court enters a final order on the Stay Motion. 2. The Bankruptcy Court shall retain jurisdiction (and the Debtors and Lear consent

    to such retention of jurisdiction) to resolve any disputes or controversies arising from or related to this Stipulation. Any request for relief brought before this Court to resolve a dispute arising from or related to this Stipulation shall be brought on proper notice and in accordance with relevant Federal Rules of Bankruptcy Procedure and local rules of the Bankruptcy Court. 3. Each person who executes this Stipulation on behalf of a Party hereto represents

    that he or she is duly authorized to execute this Stipulation on behalf of such Party.

    2
    K&E 10825183.4

    4.

    This Stipulation may be executed in multiple counterparts, any of which may be

    transmitted by facsimile, and each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 5. This Stipulation shall not be modified, altered, amended or vacated without

    written consent of all Parties hereto. Any such modification, alteration, amendment or vacation, in whole or in part, shall be subject to the approval of the Bankruptcy Court. 6. The terms and conditions of this Stipulation shall be immediately effective and

    enforceable upon its entry. 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) 300 East Maple Road, Third Floor Birmingham, Michigan 48009 Telephone: (248) 644-4840 Facsimile: (248) 644-1832 Co-Counsel for the Debtors 3
    K&E 10825183.4

    BODMAN LLP /s/ Ralph E. McDowell Robert J. Diehl, Jr.(P-31264) Ralph E. McDowell (P-39235) 100 Renaissance Center, 34th Floor Detroit, Michigan 48243 Telephone: (313) 259-7777 Counsel for Lear Corporation

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