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Malden Mills Directors Approve Sale To Gordon Brothers

The Board of Directors of Lawrence, Mass.-based Malden Mills Industries Inc. — developer, producer and marketer of Polartec® fabrics — has approved sale of the company to Boston-based Gordon Brothers Group — an international advisory, operating and financial services firm that assists companies during times of restructuring.

The transaction, valued at $44 million, is expected to close at the end of February, pending court approval; it is subject to higher and better offers. Malden Mills has entered into Chapter 11 of the US Bankruptcy Code in order to implement the sale, which, according to the company, will provide an efficient environment for its completion.

According to the company, employees will not be affected and current management is expected to remain in place, pending the direction in which the new ownership wishes to take the business.

“The sale of Malden Mills to Gordon Brothers Group transitions the company into a state of permanent ownership and financial stability,” said Michael Spillane, CEO, Malden Mills “This financial transaction will significantly improve the company’s balance sheet, enabling Malden Mills to continue to serve our customers in both the commercial and military markets.”

January 16, 2007