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Weaving & Spinning

Ameritex Emerges From Chapter 11 Protection

Ameritex Emerges From Chapter 11 ProtectionBurlington, N.C.-based Ameritex Yarn LLC announced it has successfully reorganized its debt and emerged from Chapter 11 bankruptcy protection. The manufacturer of cotton, cotton blend and heather sales yarn for knitted and woven apparel and home furnishings filed a voluntary petition for protection in the United States Bankruptcy Court for the Middle District of North Carolina in early 2002. We were very pleased to emerge with an outcome that was very good for our creditors, company associates, customers and suppliers, said Rick Bullard, president and CEO. Obviously, there are many challenges before us, but we are a high-quality, modern, low-cost yarn spinner, and we expect good years to come for our company. Ameritex emerged from bankruptcy protection with its facilities and employee base intact. All 214 associates at the companys two plants, located in Burlington and Spartanburg, retained their jobs through the 15-month reorganization period. June 2003