Texfi Industries, Inc has arranged a new revolving working capital financing with CIT Commercial Services, a division of the CIT Group in the amount of $25m.

The financing is for one year and requires the company to submit a reorganisation plan by April 2001.

Texfi filed for protection under Chapter 11 of the Bankruptcy Act in the Southern District of New York on February 15, 2000, and has been operating as Debtor-in-Possession since that date. The company expects to submit its reorganisation plan ahead of schedule in 2001.

About Texfi Industries
Texfi Industries, Inc is a diversified manufacturer and marketer of textiles. The company manufactures woven finished fabrics sold throughout the US and exported to Asian and European markets. Texfi has manufacturing plants in Rocky Mount and Haw River, NC, and Jefferson, GA.