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Worldtex Inc Comments On Status Of 9-5-8 Senior Notes

HICKORY, N.C., Dec. 15 /PRNewswire/ -- Worldtex Inc. (OTC Bulletin Board: WTXI) said that it had not made the$8.4 million interest payment due today on its 9-5/8 % Senior Notes.The Company said that it will take advantage of the 30-day grace periodpermitted under the indenture governing the Senior Notes to continuediscussions with an unofficial committee of creditors representing nearly two-thirds of the principal amount of the Senior Notes regarding a potentialrestructuring of Worldtex's capitalization. Barry D. Setzer, Chairman and Chief Executive Officer of Worldtex, said:"We are very pleased with the current status of negotiations, as everyone hasdemonstrated a desire for a quick resolution of this financial restructuringeffort. We are optimistic that the Company and the committee will be able toagree in the very near-term to a consensual transaction that will provide anappropriate capital structure for Worldtex without interrupting the day-to-daybusiness of the Company. We appreciate the continued support of ouremployees, customers, vendors, bank lenders and noteholders." Rob Hamwee, a Managing Director of GSC Partners, the largest holder ofWorldtex's 9-5/8 % Senior Notes and a member of the unofficial committee,added: "The committee is enthusiastic about the progress that we have made inour discussions with the Company regarding the proposed restructuring ofWorldtex's capitalization, and we believe the prospects to be good for aprompt agreement and successful implementation of a restructuring plan." Statements regarding the expected financial restructuring, as well as anyother statements that are not historical facts in this release, are forward-looking statements that involve certain risks, uncertainties and assumptions.These include but are not limited to delays in negotiations, inability toreach final agreement, failure of the satisfaction of conditions, a furtherdecline in the Company's financial results and other factors detailed in theCompany's most recent Form 10-K and other filings with the Securities andExchange Commission (SEC), which are available free of charge on the SEC'swebsite at http://www.sec.gov. Should one or more of these risks or uncertaintiesmaterialize, or should underlying assumptions prove incorrect, actual resultsmay vary materially from those indicated. Worldtex is a market leader in the covered elastic yarn and narrow elasticfabric markets throughout the Americas and Europe. Worldtex supplies a broadrange of component products to the apparel, textile, home furnishings andspecialty end-use markets.SOURCE Worldtex, Inc.


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