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Steel Heddle Files Chapter 11 Sells Textile Business

Steel Heddle Files Chapter 11,Sells Textile BusinessSteel Heddle Group Inc. and its U.S. subsidiaries, including its primary operating entity, Steel Heddle Manufacturing Co. Group Inc., Greenville, S.C., has voluntarily filed a reorganization case under Chapter 11 of the U.S. Bankruptcy Code in the Delaware Bankruptcy Court. The petition was filed, in part, to consummate the sale of the textile business, which includes the textile loom accessories manufacturing and design operations.Steel Heddle is also completing negotiations for a Debtor-in-Possession (DIP) financing facility.Robert W. Dillon, president and CEO, said that with the DIP financing in place, Steel Heddle should be able to consummate its going-concern sales; meet its going-forward obligations to employees, customer and vendors; and ensure a smooth transition of its operations to the purchasers.October 2001




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