USA: CMI Industries Emerges From Chapter 11
South Carolina-based apparel manufacturer CMI Industries has emerged from Chapter 11 protection just six months after filing for bankruptcy amid crippling debts.
The company, which filed for Chapter 11 last November with debts of $101.5 million, said its reorganisation plan has been approved by the US Bankruptcy Court for the District of Delaware.
As part of its restructuring drive, CMI sold its Elastics Fabrics of America division, which makes Spandex for brands including Victoria's Secret, for $21.6m.
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