follow us

Glenoit reorganization plan cleared

Wilmington, DE — The U.S. Bankruptcy Court here has given its approval to a plan of reorganization for Glenoit Corp., paving the way for the company to emerge from Chapter 11.

Glenoit's lenders lined up to support the plan, with 90 percent of the company's unsecured creditors, representing 99.9 percent of the unsecured debt, green-lighting the deal.

Additionally, 93 percent of the bondholders, holding 99.9 percent of the bond debt, approved the plan of reorganization.

Featured Video

Other Home Furnishings Sites

Casual Living
Gifts and Decorative Accessories
Home Accents Today
Kids Today
Home & Textiles Today