Bankrupt apparel manufacturer Fruit of the Loom Inc was on Tuesday finally sold to Warren Buffett's Berkshire Hathaway Inc for at least $835 million in cash.

Berkshire said it had purchased substantially all of Fruit of the Loom Ltd's business operations and that its acquisition completes the firm's emergence from Chapter 11.

Fruit of the Loom's basic apparel business will now operate as New FOL Inc, a wholly owned subsidiary of Berkshire Hathaway.