|
|
Article: Glenoit to exit Ch. 11.(Glenoit Corp. recovers from bankruptcy)(Brief Article)
- Article from:
- Home Textiles Today
- Article date:
- July 22, 2002
- Author:
CopyrightCOPYRIGHT 2002 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)
|
NEW YORK -- Almost exactly two years to the date since Glenoit Corp. was forced to file a pre-packaged Chapter 11 bankruptcy plan to wipe the slate clean of $95 million in corporate bonds, the company is now on its way to recovery.
Glenoit Corp. expects to emerge from bankruptcy proceedings within the next 60 to 90 days under the ownership of its current lenders and through a reorganization plan that calls for the company to be led by its current management team.
In the next 10 days the company will file its reorganization plan with the bankruptcy court. Approval is projected for September.
Barry Leonard, president of Ex-Cell Home Fashions, ...