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Pillowtex Corp Files Chapter Eleven Petition

Dallas-based Pillowtex Corp. has filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. Pillowtex called the filing a necessary component of its strategy to create a sustainable capital structure, enhance its manufacturing operations and improve its profitability.While the decision to file a Chapter 11 petition was not an easy one, the Board of Directors determined that it was the best means of obtaining the financial flexibility needed to address our economic and competitive challenges, said Ralph La Rovere, chairman.Pillowtex has received a commitment for $150 million in debtor-in-possession (DIP) financing from a group of lenders led by Bank of America. The funding, which is subject to approval by the court, will be used to fund ongoing business operations. The company intends to operate in the normal course of business during the Chapter 11 case, will continue payment of employee salaries, wages and benefits and will honor existing customer-related practices. The U.S. Bankruptcy Code allows a company that is subject to a Chapter 11 filing to continue to operate its business as usual, and provides special protections for any creditors, employees and others who perform services or provide goods to that company after the filing. January 2001




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