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PGI Accesses DIP Facility

PGI Accesses DIP FacilityPolymer Group Inc. (PGI), North Charleston, S.C., and 20 of its U.S. subsidiaries have filed for pre-negotiated reorganization under Chapter 11 of the U.S. Bankruptcy Code.PGIs international operations and joint ventures are excluded from the filing.With the backing of its bank group and the holder of more than two-thirds of its outstanding bonds, PGI hopes to eliminate more than $550 million of debt. The company expects to complete reorganization by the third quarter 2002.We expect that the restructuring process will generally have no impact on the companys ability to fulfill its obligations to its customers and employees, said Jerry Zucker, chairman, president and CEO. We fully expect that our vendors and customers will support the steps taken today as part of our program to adjust our capital structure and strengthen the companys position for the future.As part of the filing, PGI has received approval from the U.S. Bankruptcy Court to access a $125 million debtor-in-possession (DIP) facility, arranged by JP Morgan Chase, which will be used to fund operating expenses and to meet employee and supplier obligations.The company already has received court approval to continue to pay employee wages and benefits, to pay suppliers for delivery of goods and services, and to continue ordinary customer programs and practices. July 2002