Galey & Lord Emerges From Chapter 11, Names Heldrich To Lead
Following confirmation of its reorganization plan by the US Bankruptcy Court, Greensboro,
N.C.-based Galey & Lord Inc. has emerged from Chapter 11 protection. The manufacturer of woven
sportswear fabrics filed for bankruptcy protection in March 2002.
“This has been a long and arduous process, but the new Galey & Lord [has emerged] with a strong balance sheet that will enable it to execute both its long-term and short-term strategies,” said Arthur C. Wiener, the company’s retiring chairman and CEO. “I would like to thank the company’s customers, suppliers and employees for their continued support during this most difficult period. Without their loyalty, it would not have been possible to reach this point.”
The company’s Board of Directors has elected John J. Heldrich president, CEO and a member of the board. Heldrich previously was executive vice president of Galey & Lord and president of its Swift Denim subsidiary.
In trimming its operation, Galey & Lord is reconfiguring Swift Denim’s manufacturing at its Drummondville, Quebec, facility — discontinuing denim fabric production there, but continuing ring-spun yarn production for other Swift Denim plants. It also sold its London-based subsidiary, Klopman International Group (See “ Textile World News,” TW, January 2004).
Galey & Lord and its joint venture companies operate facilities in North America, Europe, Asia and North Africa. Its employees total approximately 3,500 in the United States and its wholly owned foreign operations.