Post-June 30, 2007 Production Agreement For Collins & Aikman Corporation's U.S. And Mexican Plants.pdf

CollinsPostJune30Agreement.pdf
Preview of Post-June 30, 2007 Production Agreement for Collins & Aikman Corporation's U.S. and Mexican Plants
🔗 Source: bankrupt.com
📊 Size: 53 KB
👤 Author: redwards
⬇️ Downloads: 65

Summary

This agreement outlines the terms for continued production at Collins & Aikman Corporation's (Supplier) U.S. and Mexican plastics and convertibles plants post-June 30, 2007. Key points include:

Continued Application of Customer Agreement:

- The Customer Agreement provisions remain applicable with modifications to address post-June 30 operations.
- Changes focus on production payments, administration expenses, and professional fees for the extended period.

Extended Production (July 1 - August 31, 2007):

- DaimlerChrysler (DCC) and General Motors (GM) will be responsible for costs and payments related to production during this period.
- Supplier's obligations end on the earliest of: the Exit Date for a plant, Cadence APA closing (for Cadence plants), or August 31, 2007.
- DCC and GM share Customer Powers regarding the extended production budget.

Extended Administration Budget (July 1 - August 31, 2007):

- DCC and GM pay 100% of administration expenses and professional fees for the Plastics & Convertibles Division, net of actual reimbursements, following satisfaction of the Cadence Condition.
- Maximum monthly allocation to Supplier for administration expenses capped at $250,000.
- If Cadence Condition is not met, DCC and GM bear all administration expenses and professional fees for the extended period.

Cadence Condition:

- Defined as entering into a sale agreement with Cadence Innovation LLC for a substantial portion of the Supplier's Interiors Plastics business.
- Remains satisfied as long as the Cadence APA remains in force; otherwise, condition is not met.

Actual Reimbursements and Non-Allocable Administration Expenses:

- Actual reimbursements from Cadence or subsequent buyers reduce administration expenses.
- Non-allocable administration expenses are those unrelated to the Plastics & Convertibles Division, allocated according to established methods.

Description

This agreement ensures the continuation of production at Collins & Aikman's U.S. and Mexican plants post-June 30, 2007, subject to bankruptcy court approval, involving key stakeholders like DaimlerChrysler, General Motors, and JPMorgan Chase Bank.

Technical Information

  • File Format: PDF
  • File Size: 53 KB
  • Pages: 11
  • Language: EN
  • Author: redwards
  • Total Downloads: 65
  • Last Updated: 3 weeks ago

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