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Article: Glenoit files pre-packaged Chapter 11.(Brief Article)
- Article from:
- Home Textiles Today
- Article date:
- August 14, 2000
- Author:
CopyrightCOPYRIGHT 2000 Reed Business Information, Inc. (US). 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)
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Firm seeks relief from a crushing $95 million in bond debt
NEW YORK -- First swamped by a wave of low-cost Asian imports, then pounded by storms that shut its plants and stunted sales, Glenoit Corp., losing money and deep in debt, has filed a pre-packaged Chapter 11 bankruptcy plan that will wipe the slate clean of $95 million in corporate bonds.
Under the terms of the pre-pack, filed last week in U.S. Bankruptcy Court in Wilmington, DE, roughly 83 percent of Glenoit's bondholders have already bought into the deal and agreed to accept a settlement of 17 cents on the dollar, said Tom O'Gorman, president and ceo.
"The net-net is that we're ...
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Article: GLENOIT CLOSING, OPENING.(Brief Article)
WWD;
March 23, 1999 ;
616 words
... ... GLENOIT CLOSING, OPENING: Glenoit Corp. last week said that ... by May 31. Thomas O'Gorman, president and chief executive ... developing New York-based Glenoit's garment- making venture. O'Gorman said that Glenoit plans to work with outside ...
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