Home    Resource Store    Past Issues    Buyers' Guide    Career Center    Subscriptions    Advertising    E-Newsletter    Contact

Textile World Photo Galleries
September/October 2015 Sept/Oct 2015

View Issue  |

Subscribe Now  |


Textiles - A Circular Life
10/05/2015 - 10/10/2015

Cashmere World Forum 2015
10/07/2015 - 10/09/2015

The Development of Textile & Apparel Inudstry Under The Regional Economic Integration Seminar
10/20/2015 - 10/20/2015

- more events -

- submit your event -

Printer Friendly
Full Site
Textile News

WL Ross Offer Sets Bidding Floor For Cone Mills

WL Ross Offer SetsBidding Floor For Cone MillsThe Board of Directors of Cone Mills Corp., Greensboro, has formally approved the definitive agreement with WL RossandCo. for the purchase of Cone Mills assets, in accordance with Section 363 of Chapter 11 of the US Bankruptcy Code. The agreement, which is subject to higher or better offers, sets a purchase price in excess of $90 million, including $46 million in cash, as well as assumption of Cone Mills outstanding debtor-in-possession loans and selected other liabilities. It also provides for a break-up fee of $1.8 million, subject to bankruptcy court approval, if a higher bid for the company is accepted.The US Bankruptcy Court has approved bid procedures agreed upon by Cone Mills and its creditors. The procedures allow for bids to be made on selected company assets as long as the total value of such bids exceeds that of WL Ross original offer. Deadline for receipt of bids is January 23, 2004, with an auction scheduled for January 29, 2004. December 2003