Pillowtex wins still more time
July 21, 2003-- Home Textiles Today,
Pillowtex's lenders late Friday afternoon gave the mill four additional days to "review its strategic alternatives."
The banks have resisted calling in their loans after Pillowtex defaulted June 30 on a debt payment, three times granting the firm additional time to find the cash — or a buyer — before moving on the company. The latest extension, which expires July 25, is Pillowtex's fourth.
A large portion of the company's work force has been idled beyond its usual two-week shutdown around the Fourth of July holiday.
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