A bondholders' committee in the Cone Mills bankruptcy case has failed to post a $35 million bond that would have stalled the sale of the denim maker to WL Ross & Co.

The bond, subject to being posted by a bankruptcy court deadline of midnight on Monday, would have compensated the North Carolina-based company for any losses resulting from a delay in its sale.

"The bottom line is that they did not put up a bond," WL Ross chairman Wilbur Ross said on Tuesday.

"We're now getting organised to dose the transaction."

Ross added he was "very sceptical" that the committee would put up the money.