Cone Mills Corporation, the world's largest producer of denim fabrics, has agreed with its lenders to extend existing credit facilities through November 7, 2001. The move should provide the company with sufficient time to implement its previously announced 'reinvention plan' and complete the due diligence related to successor credit facilities.

Chief financial officer, Gary L. Smith commented: "The company's target is to complete the due diligence process with our lenders and enter into new, longer term credit facilities during the next few months. In regard to a status report on the implementation of the reinvention plan and the realisation of projected savings from the plan, we are proceeding according to schedule with the completion of initiatives related to about two thirds of the expected benefits. With the benefits of the reinvention plan the company has a sound plan to weather present economic conditions, reduce debt substantially and position itself to prosper over the long-term.''