2005 Newsmakers of the year: David Stockman

Kosdrosky, Terry
January 2006
Crain's Detroit Business;1/2/2006, Vol. 22 Issue 1, p7
This article presents information about David Stockman, former chairman and CEO of Collins & Aikman Corp. Stockman was supposed to lead Collins to profitability, but instead resigned a week before the company filed for Chapter 11 bankruptcy on May 17, 2005. He over the reins of the Troy, Michigan-based plastics and fabrics supplier in 2003. He was a founding partner at the private equity fund Heartland Industrial Partners LP that owned a majority of the company. But 2005 was a tough year for plastics suppliers. High oil prices sent the cost of plastic resin through the roof, eating into already thin profit margins. On May 17, the company went into a hastily arranged Chapter 11 and had to go to its customers for funding.


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