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PGI Emerges From Bankruptcy

PGI Emerges From BankruptcyNorth Charleston, S.C.-based nonwovens manufacturer Polymer Group Inc. (PGI) announced its previously confirmed plan of reorganization became effective March 5. All shares of the companys old common stock have been cancelled. New common stock has been issued, with 96 percent distributed to creditors and 4 percent to existing stockholders pro rata.PGI has reduced its total debt to approximately $500 million upon emergence from bankruptcy, down from approximately $1.1 billion when it entered bankruptcy proceedings.We are very pleased to have this difficult period behind us, said Jerry Zucker, chairman, president and CEO. We have emerged as a stronger company with a solid future ahead of us.PGI has approximately 4,000 employees and 25 manufacturing facilities worldwide. May 2003