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BULLETIN: Collins & Aikman Corp. Restructure, Names Stockman CEO; Ratings Unaffected Aug 03
Standard & Poors, Aug 2003
Abstract
NEW YORK (Standard & Poor's) Aug. 20, 2003-The announcement by Collins & Aikman (B+/Negative/--) of new restructuring actions and the appointment of David Stockman, its chairman, to the additional position of chief executive officer does not have an immediate effect on Standard & Poor's Ratings Services ratings on the company. Standard & Poor's recognizes that these actions may benefit the company's longer-term financial results. However, Collins & Aikman's current credit protection measures are weak, and the prospects for a sustained recovery in its financial results remains unclear over the near term, given challenging conditions in the highly competitive automotive industry, uncertainty arising from the realignment of top management, and lingering operational problems at certain Collins & Aikman facilities. In addition,...
Companies mentioned in this report are: Collins & Aikman Corp.
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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