USA: Burlington Wants Extension To Reorganisation Filing
The US Bankruptcy Court in Wilmington, Del, will meet on 30 October to decide whether the company will be given until 31 January 2004, to file the plan and until March 31 to gather creditor approval.
In Chapter 11 since November 2001, Burlington Industries is completing a sale of its Lees carpet business to WLR Recovery Fund II LP, in cooperation with Mohawk Industries Inc, but wants more exclusive filing time for its restructuring goals.
It has also received court approval to sell substantially all its assets to buyout firm WL Ross & Co for $614 million.
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