Guilford Mills formally exits Ch. 11
October 7, 2002-- Home Textiles Today,
Greensboro, NC — Just six-and-a-half months after filing for Ch. 11, Guilford Mills officially exits bankruptcy as its previously confirmed plan of reorganization became effective today.
The bankruptcy court had approved the plan on Sept. 19 after the company's creditors and stockholders had voted overwhelmingly to accept it.
Emerging from bankruptcy, Guilford Mills now has senior debt of approximately $145 million, down from $270 million when it entered the proceedings.