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Guilford Reorganization Plan Receives Final Approval

Guilford ReorganizationPlan Receives Final ApprovalFollowing a vote of acceptance by its creditors and stockholders, Greensboro, N.C.-based Guilford Mills Inc. has received final approval from the U.S. Bankruptcy Court for its reorganization plan. After nearly two years of restructuring and six months of financial reorganization, we have Guilford positioned exactly where weve wanted all along, said John A. Emrich, president and CEO.Guilford prenegotiated several aspects of the plan with its creditors prior to filing for bankruptcy protection last March. Under the plan, the company will pay all suppliers in full. Senior lenders will own 90 percent of the company, leaving the remaining 10-percent ownership to existing shareholders. Senior debt will be reduced to $145 million from $270 million owed prior to its bankruptcy filing.Over the past year, Guilford has been selling off certain assets related to apparel and home fashions in order to focus on producing fabrics for automotive, technical textile and select apparel markets. October 2002




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