A bankruptcy court on Thursday approved a $614 million takeover of textile maker Burlington Industries by buyout firm WL Ross & Co LLC in a move which should see it emerge from Chapter 11 next month.

Following a court hearing in Delaware, turnaround specialist Wilbur Ross said he expects the North Carolina-based company to come out of bankruptcy protection on November 10.

Ross said earlier this month he will become chairman of the company and industry veteran Joseph Gorga, president and CEO.

WL Ross & Co is also expected to acquire another North Carolina-based textile firm, denim producer Cone Mills Corp, for $90m by the end of this year.