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Dyeing Printing & Finishing

Martin Color-Fi Granted Reorganization Extension

Martin Color-Fi Inc. (MCF), Edgefield, S.C., announced that the Bankruptcy Court has approved an extension of the companys exclusive right to file a plan of reorganization until May 17, 1999. MCFs secured lenders and Official Committee of Unsecured Creditors joined MCF in requesting the extension.MCF also announced that its carpet manufacturing subsidiary, Buchanan Industries Inc., has completed the sale, through the Bankruptcy Court, of Buchanan Industries and all of its assets except accounts receivable. The total consideration for the assets was $4.66 million which were divided consensually among Buchanans secured and unsecured creditors.MCF intends to use the bankruptcy process to return to its core operations, focusing primarily on the production of solution-dyed polyester fiber. The company has also closed its Star operation in Edgefield, and its pigment facility in Pensacola, Fla., thus eliminating approximately $5 million in annual payroll from its budget.We have streamlined our organization to help the company run more efficiently and our fibers production has improved in the process. said Stephen A. Zagorski, president and chief operating officer of MCF.What remains is to develop a new capital structure appropriate to our retooled operational configuration and acceptable to our creditors.James F. Martin, chairman and CEOof MCF, added: Having been in Chapter 11 for approximately four months, we believe we have stabilized our operations and look forward to the future.We also want to publicly thank our lenders who continue to support us throughout this entire process. That they have joined MCF in seeking and receiving an extension of our exclusivity period sends a clear message to us, our customers, suppliers and employees that we have gained the confidence of our lenders regarding the viability of our business.

May 1999




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