[Federal Register Volume 59, Number 88 (Monday, May 9, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-11077]
[[Page Unknown]]
[Federal Register: May 9, 1994]
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SECURITIES AND EXCHANGE COMMISSION
Issuer Delisting; Application To Withdraw From Listing and
Registration; (Collins & Aikman Group, Inc., 15% Subordinated Notes Due
1995; 11\3/8\% Usable Subordinated Debentures Due 1997; 7\1/2\% 10%
Debentures Due 2005) File No. 1-6761
May 3, 1994.
Collins & Aikman Group, Inc. (``Company'') has filed an application
with the Securities and Exchange Commission (``Commission''), pursuant
to Section 12(d) of the Securities Exchange Act of 1934 (``Act'') and
Rule 12d2-2(d) promulgated thereunder, to withdraw the above specified
securities from listing and registration on the Pacific Stock Exchange,
Inc. (``PSE'').
The reasons alleged in the application for withdrawing these
securities from listing and registration include the following:
According to the Exchange, the Operating Committee of the Board of
Directors of the Company (``the Committee''), pursuant to lawfully
delegated authority, unanimously approved resolutions on February 15,
1994, to withdraw the Company's Debt Securities from listing on the PSE
and to maintain its listing of the Debt Securities on the Amex. The
decision of the Committee followed a study on the matter, and was based
upon the belief that the listing of the Debt Securities on the PSE was
no longer beneficial to the Company because:
The Company undertook a study of the costs of its dual listing of
the Debt Securities on the PSE and the Amex and determined that the
continuance of such dual listing was no longer cost-effective in light
of the absence of significant trading volume for the Debt Securities on
the PSE, the presence of a substantial national and liquid market for
these securities on the Amex and the continuing need for the Company to
reduce the costs of doing business in the current competitive
environment in which the Company operates.
The debt securities were originally listed on the PSE, in part,
because the Company was headquartered in California, and had retail
stores (Builders Emporium, Wickes Furniture, Orchard Supply Hardware,
Mode O Day, Womens World, and Toy World) and manufacturing facilities
located in California. Those operations have been closed or sold. The
Company's remaining businesses are primarily located in the Southeast
and, in 1993, the Company moved its headquarters to North Carolina. As
a result, it feels that a PSE listing is no longer beneficial.
Any interested person may, on or before May 24, 1994 submit by
letter to the Secretary of the Securities and Exchange Commission, 450
Fifth Street, NW., Washington, DC 20549, facts bearing upon whether the
application has been made in accordance with the rules of the exchanges
and what terms, if any, should be imposed by the Commission for the
protection of investors. The Commission, based on the information
submitted to it, will issue an order granting the application after the
date mentioned above, unless the Commission determines to order a
hearing on the matter.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 94-11077 Filed 5-6-94; 8:45 am]
BILLING CODE 8010-01-M
