Guilford Mills officially files
March 18, 2002,
Guilford Mills formally filed for bankruptcy court protection last week, at the same time stating that it would re-emerge primarily as a manufacturer of automotive fabrics.
First Union National Bank has agreed to furnish Guilford with up to $30 million in financing during the reorganization, subject to court approval.
Guilford has stated that it hopes to emerge from Chapter 11 by as early as this summer.
According to the petition filed with the court, Guilford has more than $551 million in assets but more than $409 million in debt.
The five largest creditors listed by Guilford are Prudential Capital Group, $99 million; Wachovia Bank, $37 million; First Union Capital Markets and Bank One; $33 million each; and CitiGroup Commercial Services, $19 million.