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July/August 2014 July/August 2014

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Events

7 International Specialized Exhibition of Fashion, Textile and Equipment (7 Textile EXPO)
07/22/2014 - 07/25/2014

Colombiamoda 2014 + Textiles2
07/22/2014 - 07/24/2014

Texworld USA/International Apparel Sourcing Show/Home Textiles Sourcing Expo
07/22/2014 - 07/24/2014

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PGI Emerges From Bankruptcy

PGI Emerges From BankruptcyNorth Charleston, S.C.-based nonwovens manufacturer Polymer Group Inc. (PGI) announced its previously confirmed plan of reorganization became effective March 5. All shares of the companys old common stock have been cancelled. New common stock has been issued, with 96 percent distributed to creditors and 4 percent to existing stockholders pro rata.PGI has reduced its total debt to approximately $500 million upon emergence from bankruptcy, down from approximately $1.1 billion when it entered bankruptcy proceedings.We are very pleased to have this difficult period behind us, said Jerry Zucker, chairman, president and CEO. We have emerged as a stronger company with a solid future ahead of us.PGI has approximately 4,000 employees and 25 manufacturing facilities worldwide. May 2003




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