Guilford files Ch. 11; refinances debt

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.

All existing shares of common stock will be cancelled and new shares will be issued. Lenders will receive 90 percent of the company's equity leaving shareholders with the remaining 10 percent.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.

CURRENT ISSUE

HTT Current issue for September 2017

See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more... See details!