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P’tex get relief on deb covenants

Kannapolis, NC — Pillowtex lenders have cut the company some slack by waiving debt covenants tied to the company's performance.

Lenders have waived interest coverage and leveraged ration requirements for the fiscal fourth quarter ending Dec. 28. Debt covenants had similarly been waived for the third quarter because of the difficult retail environment. Other covenants have been extended through the close of the first quarter of 2003.