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

http://bit.ly/QryKcX
http://www.textileworld.com/partners/Shaffer_and_Max-Dyeing_and_Finishing_Plant_2014
http://www.itmaasia.com
http://www.spgprints.com
http://www.allstatestextile.com
http://www.textileworld.com/Store/Books/index.html
http://www.textileworld.com/Store/Books/diccionario-textil.html
http://www.textileworld.com/careers/index.html
March/April 2014 March/April 2014

View Issue  |

Subscribe Now  |

Events

12th International Exhibition on Textile Industry (Indo Intertex 2014)
04/23/2014 - 04/26/2014

Smart Fabrics & Wearable Technology 2014
04/23/2014 - 04/25/2014

Hong Kong International Home Textiles And Furnishings Fair
04/23/2014 - 04/24/2014

- more events -

- submit your event -

Printer Friendly
Full Site
Textile News

Galey & Lord Files Chapter 11 To Facilitate Acquisition

In order to facilitate its planned acquisition by New York City-based investment firm Patriarch Partners LLC, Atlanta-based apparel fabric manufacturer Galey & Lord Inc. has filed for Chapter 11 bankruptcy protection.

Galey & Lord had emerged from previous Chapter 11 protection in March 2004 (See TW News, March 2004). In late July, Patriarch, already a stakeholder in the company, made an acquisition offer that subsequently failed to receive the unanimous approval of Galey & Lord's term lenders. The new filing will allow the acquisition to proceed, subject to Bankruptcy Court approval and other acquisition offers.

Patriarch's agreement is worth $188 million that would be used to pay, replace or assume outstanding debt and letters of credit; as well as employee pay and benefit, tax, trade and utility obligations.

Galey & Lord also has secured an $80 million financing agreement with GE Capital to provide working capital for its normal business operations.

"[W]e are confident that this course will allow us to continue on a positive track and give us the means of achieving our long-term goals," said John J. Heldrich, president and CEO, Galey & Lord. "As this process unfolds, we will continue to work to preserve jobs, protect value and provide the highest level of service to our customers," he said. "We expect business to continue as usual, with little, if any, impact on our employees, partners or business operations. Patriarch believes in these same responsible business practices. "

September 2004




Advertisement

http://www.staubli.us