USA: Worldtex Holds Payment Pending Restructure
Worldtex Inc (OTC Bulletin Board: WTXI), the supplier of covered elastic yarn and narrow elastic fabric, has failed to make the $8.4 million interest payment due today on its 9-5/8 % Senior Notes. The company has said that it will take advantage of the 30-day grace period permitted under the indenture governing the Senior Notes. It will use this time to continue discussions with an unofficial committee of creditors with a view to a potential restructuring of Worldtex's capitalisation.
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