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Texfi Announces New Working Capital Financing

Texfi Industries Inc., New York City, has arranged a new revolving working capital financing with CIT Commercial Services, a division of the CIT Group, New York City, in the amount of $25 million. The financing is for one year and requires the company to submit a reorganizational plan by April 2001. Texfi filed for protection under Chapter 11 of the U.S. Bankruptcy Act in the Southern District of New York in February 2000. The company has been acting as debtor-in possession since that date.Andrew J. Parise, CEO, commented on this new financing by saying, We are extremely pleased to have this increased and longer-term financing available to the company. We have made great progress over the past few months, and this facility will enable us to concentrate on strengthening our business and building our market share. January 2001