CKC Collins & Aikman Corp

Collins & Aikman Extends $250 Million Receivables Facility and Enters Commitment for New $300 Million Financing Facility TROY, Mich., Dec. 13 /PRNewswire-FirstCall/ -- Collins & Aikman Corporation (NYSE:CKC), today announced that on Friday, December 10, 2004, Collins & Aikman Products Co. (Products), a wholly owned subsidiary of Collins & Aikman, and CARCORP, Inc., a wholly owned subsidiary of Products, amended their existing receivables transfer agreement related to its off-balance sheet accounts receivable financing facility. The amended terms included extending the term of the facility to March 10, 2006, and installing General Electric Capital Corporation (GECC) as the new Administrative Agent. Additionally, Products and CARCORP entered into a commitment letter agreement with GECC whereby GECC committed to provide a new 5 year, $300 million accounts receivable facility to replace the existing receivables facility, subject to the terms and conditions described therein. Collins & Aikman Corporation is a leading global supplier of automotive interior components and systems, including: instrument panels, cockpit modules, flooring and acoustic systems, automotive fabric, and interior trim, as well as exterior trim and convertible roof systems. The Company's current operations include 16 countries, more than 100 facilities and nearly 24,000 employees. Information about Collins & Aikman is available on the Internet at http://www.collinsaikman.com/ . This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including but not limited to conditions affecting the markets and industry within which we operate, including declines in North American, South American and European automobile and light truck builds, our dependence on significant automotive customers, the level of competition in the automotive supply industry and pricing pressures from automotive customers, fluctuations in the productions of vehicles for which we are a supplier, changes in the popularity of particular cars and interior trim programs, labor costs and strikes at our major customers and at our facilities and risks associated with doing business in foreign countries; the adequacy of our liquidity and capital resources and required capital expenditures; our high debt levels and our ability to obtain financing and service or refinance our debt, uncertainty regarding our future operating results, prevailing levels of interest rates and other factors detailed in the company's filings with the Securities and Exchange Commission. DATASOURCE: Collins & Aikman Corporation CONTACT: Media Inquiries: David A. Youngman, Director Corporate Communications, +1-248-824-1562, ; or Investor Inquiries: Robert Krause, Senior Vice President, Finance & Administration, +1-248-733-4355, , both of Collins & Aikman Corporation Web site: http://www.collinsaikman.com/

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