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 a recent auction. The agreement contemplates the sale of Burlington Industries to WL Ross & Co. with a concurrent sale of Burlington’s Lees Carpet business to Mohawk Industries.
Mohawk’s portion of the purchase price for the Lees Carpet division is estimated to be approximately $352 million, subject to certain adjustments. The transaction is expected to close in the fourth quarter and is subject to customary regulatory approvals.
The amended WL Ross acquisition agreement has been incorporated into the company’s plan of reorganization. If the related disclosure statement is approved by the court, Burlington expects the plan to become effective in October.
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