|
|
Article: GLENOIT FILES CHAPTER 11.(bankruptcy petition)(Brief Article)
- Article from:
- WWD
- Article date:
- August 10, 2000
- Author:
CopyrightCOPYRIGHT 2000 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
NEW YORK -- In a move to slash its debt load by about $80 million, knit fabrics producer Glenoit Corp. filed a prepackaged Chapter 11 bankruptcy petition this week in Wilmington, Del.
On Wednesday, it filed a reorganization plan to lower its subordinated debt load to $15 million. That filing came the day after it sought court protection.
In a phone interview, Thomas O' Gorman, president and chief executive officer of the New York-based company, said the firm is up-to-date with all its trade creditors and plans to continue business as usual.
"We are completely current with all our vendors," he said. "Our plan of reorganization calls for ...
Related newspaper, magazine, and journal articles:
|
|
Article: Glenoit files pre-packaged Chapter 11.(Brief Article)
Home Textiles Today;
August 14, 2000 ;
700+ words
... ... percent," said O'Gorman. "That's a ... Trade creditors and Glenoit suppliers are unaffected ... company. But, O'Gorman noted, current Glenoit shareholders will ... to get it. O'Gorman said the bankruptcy ... 60 days, with Glenoit exiting Chapter ...
|
|