Pillowtex secures DIP financing
December 11, 2000-- Home Textiles Today,
DALLAS -Pillowtex Corp., operating under Chapter 11 since mid-November, has received final approval from a U.S. Bankruptcy Court for $150 million in debtor-in-possession (DIP) financing that will allow the company to pay its bills and its workers.
The financing is provided by a consortium of bank lenders organized by Bank of America, one of the major mill's principal financial backers.
Anthony Williams, president and coo, commented, "The DIP financing facility will be a significant source of liquidity for Pillowtex. It will contribute to our ability to operate in the normal course of business during the Chapter 11 case and should provide a measure of assurance to our employees, customers and vendors. We are grateful for the dedication of our employees and the continued support of our lending group, customers and vendors."
Related Content By Author
Countdown to Intertextile Shanghai