Pillowtex wins still more time

Kannapolis, NC — Pillowtex has won yet another time extension — its fourth — in its ongoing bid to remain viable until it can find cash or an acquisition to bring it into compliance with defaulted loan convenants.

The nation's third largest textiles manufacturer this afternoon said its lenders have now agreed to extend a forbearance agreement set to expire Monday, July 21, until Friday, July 25. During that time the company's lenders have said they will not exercise their rights and remedies under Pillowtex's term loan agreement. An interest and principal payment was due June 28, 2003 that the company failed to make.

Since that time, Pillowtex has been reviewing its "strategic alternatives" including the possibility of a buyout saving the company from bankruptcy or liquidation.

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 Cover October 2017

See the October 2017 issue of Home & Textiles Today. In this issue, we look at the Top 25 Online Retailers.  H&TT's exclusive annual ranking of the biggest online sellers of home textiles finds that while pure play etailers continue to fly, bricks & clicks are digging into omnichannel. See details!