The amended WL Ross acquisition agreement has been incorporated into the company's plan of reorganization. The related disclosure statement is scheduled to be reviewed by the court at a hearing in late August. If approved, Burlington expects the plan to become effective in October 2003.
Court approves WL Ross & Co. bid for Burlington
The bankruptcy court in Greensboro, N.C., has approved an amended acquisition proposal of $614 million (subject to
adjustment) from WL Ross & Co. LLC as the highest and best received from the
auction conducted on July 28, 2003. The agreement contemplates the sale of
Burlington Industries to WL Ross & Co. LLC, with
a concurrent sale of Burlington's Lees carpet business to Mohawk Industries
Inc.
Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!
