USA: Lawsuit Could Halt Guilford Mills Reorganisation
Guilford Mills' plan to reorganise and emerge from bankruptcy is being threatened by legal action brought about by the children of a former Guilford Mills president. At a hearing scheduled for today, the textile company could be forced to redraft its reorganisation plan. According to the Associated Press, a lawsuit filed by George Greenberg's three children in 2001 - before the company declared bankruptcy - contends they should receive a higher priority in the plan than shareholders.
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