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Cone Mills Receives Financing, WL Ross Submits Winning Bid

Greensboro, N.C.-based Cone Mills Corp. has entered into an agreement with Bank of America NA and General Electric Capital Corp., whereby it will receive $45 million in debtor-in-possession (DIP) financing to provide working capital until it can exit from Chapter 11 bankruptcy proceedings initiated last fall (See Textile World News, TW, November 2003).

The company expects to emerge from bankruptcy early this year. Through a court-approved auction process, New York City-based WL Ross & Co. LLC submitted the highest and best bid, in excess of $90 million, to purchase the company's assets. The sale is expected to be approved during a sale hearing scheduled to take place Feb. 9 in the United States Bankruptcy Court, District of Delaware.

February 2004