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Malden Mills Receives Funding

Malden Mills Receives FundingLawrence, Mass.-based Malden Mills Industries Inc., which recently filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code, has received $20 million in funding from its lenders to enable it to continue operating during the reorganization process.This reorganization allows Malden Mills to emerge from the challenges we have faced since the catastrophic fire that nearly destroyed our company in late 1995, said Aaron Feuerstein, president and CEO, anticipating that the 95-year-old company will emerge as a stronger, more highly focused and profitable company.Following the fire, Feuerstein immediately rebuilt the companys facilities in Lawrence, continuing to pay his employees during the reconstruction. The new Polartec® building was the first mill built in New England in more than a century.The company filed for reorganization due to the cost of servicing bank debt, a sluggish retail market, high reconstruction costs and the closing of its upholstery division following the fire. Maldens patented Polartec fabrics are used for all outdoor activities and are the sole fabrics used in cold-weather gear for the U.S. Army, Marine Corps and Special Operations Command. January 2002