USA: Glenoit To Sell Fabric Division To Shanghai Haixin
Fabric maker Glenoit Corp is to sell its specialty fabrics division to China 's Shanghai Haixin Group Co for $14 million. The sale was approved by the US Bankruptcy Court in Wilmington, Delaware, and comes as part of the privately-held company's Chapter 11 reorganisation plan. Glenoit has also signed an agreement to sell its remaining two divisions.
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