Dissident shareholders in Cone Mills Corp have sent out a clear message to the board that they want to see the company reorganised but not sold to financier Wilbur Ross.

Their opposition to the proposed $90 million buyout by Ross was clearly demonstrated as they pushed through their nominees for seats on the company's board yesterday.

Cone Mills, the world's largest denim maker, filed for Chapter 11 bankruptcy protection on Wednesday as part of Mr Ross' bid.

The company said proceeds from the transaction likely won't be sufficient to provide any money for shareholders.