PGI In Restructuring Negotiations

PGI In Restructuring NegoationsPolymer Group Inc. (PGI), North Charleston, S.C., has announced it is in negotiations with a third party. The negotiations could lead to financial restructuring. Exact terms are still under discussion, but they will probably include a reduction in outstanding debt in exchange for the issuance of a substantial amount of new equity.PGI also announced it continues to have substantial liquidity, with approximately $50 million in cash and short-term investments available to fund its operations.March 2002