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Burlington Files Chapter 11 Hastens New Business Model

Burlington Files Chapter 11,Hastens New Business ModelIn an effort to implement a new business model and better serve its customers, Greensboro, N.C.-based Burlington Industries Inc. and certain of its subsidiaries have filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The companys new business model focuses on enabling it to introduce fabric innovations and distinctive products to the market. Burlington is now concentrating on its Lees Carpets business and on the performance and fabric innovations provided through the proprietary technology developed by its subsidiary Nano-Tex LLC. As well, it will continue to improve its North American manufacturing operations and will expand global opportunities through its subsidiary Burlington WorldWide Ltd., Hong Kong.The petitions filed for reorganization did not include international operations, joint-venture partnerships, Nano-Tex LLC and Burlington WorldWide Ltd.Our business model going forward adds worldwide reach to our North American capability to provide products, services and global solutions to our customers, said George W. Henderson III, chairman and CEO. We are creating a more flexible and responsive company capable of meeting the diversified and ever changing needs of our customers.The company received final court approval for $190 million in debtor-in-possession (DIP) financing underwritten by J.P. Morgan ChaseandCo. The financing is available to help cover operating expenses during the reorganization process. January 2002




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