Troubled textile giant Guilford Mills Inc said on Friday it expects to post a first quarter net loss of $99.3 million compared to a loss of $16.9m in the year-ago period.

The 13-week loss is expected to include a $57.8m charge attributed to restructuring, reorganisation, and
impaired assets and an $8.6m investment impairment charge.

The North Carolina-based company, which last month announced plans to axe two plants and 280 jobs, filed for Chapter 11 in March with debts of more than $409m.