USA: Guilford Mills Files Chapter 11 Exit Plan
Troubled textile giant Guilford Mills Inc announced on Friday it has filed a reorganisation plan it hopes will help it emerge from Chapter 11 bankruptcy protection by September 30 - the end of its fiscal year. The North Carolina-based company, which filed for Chapter 11 in March with debts of $270 million, said the plan will give senior lenders a 90 per cent stake, with the remaining 10 per cent held by its existing shareholders.
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