USA: Texfi Industries Announces New $25m Financing
Texfi Industries announced today it has arranged a new revolving working capital financing with CIT Commercial Services, a division of The CIT Group (NYSE: CIT) of $25m. The financing is for one year and requires the company to submit a reorganisation plan by April, 2001. Texfi filed for protection under Chapter 11 of the Bankruptcy Act in the Southern District of New York on February 15, 2000, and has been operating as Debtor-in-Possession since that date. The company expects to submit its reorganisation plan ahead of schedule in 2001.CEO Andrew J. Parise said: "We are extremely pleased to have this increased and longer term financing available to the company. We have made great progress over the past few months and this facility will enable us to concentrate on strengthening our business and building our market share.""CIT is delighted to support Texfi in its reorganisation effort," said John F. Daly, president of CIT Commercial Services. "CIT has a long-standing relationship with Texfi and we are confident in management's ability to facilitate the reorganisation."
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-style gives you the widest apparel and textile market coverage.
It’s our best ever membership offer – just for you.
Leonie Barrie, editor of just-style
- Why do modern robotics elude sportswear makers?
- Mexico makers bullish on Trump's proposed tariffs
- Traditional financing is a misfit for fast fashion
- How would end of NAFTA affect US apparel industry?
- Bagir CEO says suit-maker is back on track
- US Q3 in brief - G-III Apparel, Express
- Bagir exports first trousers for H&M from Ethiopia
- Fruit of the Loom CEO Medlin dies suddenly
- Throwaway fast fashion model needs re-think
- Crystal expands empowerment project to male staff
- Outdoor performance apparel 2016: A broader perspective
- Global market review of lingerie – forecasts to 2022
- Global apparel markets: product developments and innovations, October 2016
- Footwear Top 5 Emerging Markets Industry Guide_2016
- REPORT BUNDLE: Africa-Med, Southeast Asia and Central America strategic sourcing pack