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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