Suppliers to be paid in full under Guilford reorg plan
July 12, 2002,
Greensboro, NC — Guilford Mills has presented its plan to emerge from bankruptcy proceedings, which it plans to do by Sept. 30, the end of its fiscal year.
Under the plan, the company's suppliers will be paid in full, and Guilford's senior lenders will own 90 percent of the company. Existing shareholders will own the remaining 10 percent. Debt will be cut significantly, with a three-year revolving credit facility and a three-year term loan totaling $150 million — down from $270 million before entering bankruptcy court.
Related Content By Author
Live From New York: Fashion Comes Across the Pond
Home & Textiles Today eDaily
Most Viewed Articles
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...