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Collins & Aikman Sets Dividend; Closes New Term Facility

14 May 1999

Collins & Aikman Sets Dividend; Closes New Term Facility

    CHARLOTTE, N.C., May 13 -- Collins & Aikman Corporation
announced today that its Board of Directors declared a special
dividend of $0.71 per share on all outstanding shares of the Company's common
stock.  The cash dividend is payable on May 28, 1999, to stockholders of
record at the close of business on May 20, 1999.  Currently, there are
approximately 61.9 million shares of Collins & Aikman stock outstanding.
    The Company stated that the balance of its previously announced 1999 share
repurchase program has been reduced to approximately $2 million in connection
with the special dividend.
    The Company also announced that it closed today a senior six-year term
loan facility in the principal amount of $100 million (the "Term Loan C
Facility"), which was arranged by Chase Securities Inc.  The Company will use
approximately $44 million of the Term Loan C Facility to pay the special
dividend declared by the Board of Directors.  The remaining proceeds of the
Term Loan C Facility are expected to be used to repay amounts outstanding
under the Company's revolving credit facility and for general corporate
purposes.
    Collins & Aikman Corporation is among the world's leading suppliers of
automotive interior styling systems, including textile and plastic trim,
molded carpet and acoustics products.  Serving major OEM's worldwide, the
Company has over 15,000 employees and operates 65 facilities in 12 countries
with annual revenues approaching $2.0 billion.