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Malden Emerges From Chapter 11

Malden Emerges From Chapter 11Malden Mills Industries Inc., Lawrence, Mass., has emerged from Chapter 11 bankruptcy protection with its employee base of 1,200 workers intact.Malden Mills consensual plan of reorganization includes a three-year buyback option for CEO Aaron Feuerstein to retain control of the company. Feuerstein must exercise his option by a preset date, or a lender group led by General Electric Capital Corp. will hold majority ownership of Malden Mills. After that date, he will pay a higher price to regain control. As of Textile Worlds press time, Feuerstein had collected most of the funds needed and expected to exercise his option by the September 26 deadline, according to a Malden Mills spokesperson.This past year has been one of the most challenging in our companys history, Feuerstein said. I have often said that our employees are Malden Mills greatest asset. The way that we have overcome adversity to continue to innovate and manufacture high-quality Polartec® products has again proven our people to be world-class. I am looking forward to successfully emerging from Chapter 11 and expect our best days to lie ahead. October 2003