Guilford files Ch. 11; refinances debt
March 5, 2002,
Greensboro, NC — Guilford Mills announced today that it had filed for a pre-arranged Chapter 11 bankruptcy protection after reaching an agreement with senior lenders to refinance its $270 million in debt.
According to the company, the debt will be reduced to approximately $145 million and the unsecured trade creditors will be paid in full. Some company lenders will also provide $30 million debtor-in-possession revolving credit.
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