Burlington Receives Final Approval On New Financing Agreement
GREENSBORO, N.C., Dec. 13 /PRNewswire/ -- Burlington Industries, Inc.(OTC Bulletin Board: brLG) announced today that it has received final courtapproval for its Debtor-in-Possession (DIP) financing. The final agreement,which is underwritten by JPMorgan Chase Bank, increases the availablefinancing from $125 million to $190 million, subject to the terms of theagreement. This additional financing provides significant liquidity and willsupplement the company's resources, if needed, during the reorganizationperiod. The company's operations and delivery of products are continuingwithout interruption. Burlington Industries, Inc. is one of the world's largest and mostdiversified manufacturers and marketers of apparel and interior furnishings. This press release contains statements that are forward-looking statementswithin the meaning of applicable federal securities laws and are based uponthe company's current expectations and assumptions, which are subject to anumber of risks and uncertainties that could cause actual results to differmaterially from those anticipated. Such risks and uncertainties include,among other things, global economic activity and the implications thereon ofthe attack on September 11 and the U.S. government's response thereto, thesuccess of the company's overall business strategy including successfulimplementation of the company's restructuring plan, the confirmation of therestructuring plan and the DIP financing commitment, the terms and conditionsof the DIP financing, the impact that public disclosure of the company'sChapter 11 filing may have on the company's relationships with its principalcustomers and suppliers, the success of the company's expansion in othercountries, the demand for textile products, the cost and availability of rawmaterials and labor, the company's ability to finance its operations andrestructuring activities, the level of the company's indebtedness and abilityto borrow, and the exposure to interest rate fluctuations, governmentallegislation and regulatory changes, and the long-term implications of regionaltrade blocs and the effect of quota phase-out and lowering of tariffs underthe WTO trade regime and other factors identified in the company's filingswith the Securities and Exchange Commission.SOURCE Burlington Industries, Inc.Copyright © 1996-2001 PR Newswire Association Inc. All Rights Reserved.