Textile maker Burlington Industries Inc on Monday said a bankruptcy court had extended its period of exclusivity to solicit acceptances of its reorganisation plan to July 31 and set a July 10 deadline for potential bids.

The North Carolina-based fibre giant, which has operations in the US, Mexico and India, said in a news release it had hired investment banking firm Miller Buckfire Lewis & Co LLC to oversee the biding and auction process.

Burlington's $579 million sale to Berkshire Hathaway Inc collapsed last month after a bankruptcy judge rejected the break-up fee and other terms of the deal amid pressure from the firm's unsecured creditors led by private investor and rival bidder Wilbur Ross.

Commenting on yesterday's announcement, chairman and CEO, George Henderson, said: "We have made significant progress and continue to move forward in our emergence process.

"The modified bidding procedures established today strengthen our solicitation process and provide further assurance that the resulting outcome will be the best for the company and our creditors.

"Over the last 17 months we have aggressively transitioned the company and implemented a new business model that expands and strengthens our capabilities through more focused North American assets, expanded product and global capabilities of Burlington WorldWide and differentiated fabric performance developed by Nano-Tex.

"In addition, we have repaid $140 million of debt during this period and will seek court approval to repay another $50m next month."