Cone strikes deal to extend credit
June 2, 2003,
Winning some breathing space from its lenders, Cone Mills Corp., said it has cut a deal extending its credit facility and senior note obligations through March 15, 2004.
The company will be required to pay down $833,333 monthly, beginning in July 2003.
Gary Smith, cfo, said, "This transaction provides the time necessary to evaluate potential business opportunities that would allow us to execute our strategic vision and propose a comprehensive plan for a long-term capital structure. It also provides the necessary liquidity and flexibility for the company to operate during these uncertain economic conditions."
Cone is the world's largest producer of denim fabrics and the largest commission printer of home furnishings fabrics in North America.