Unifi and Parkdale Mills have completed a restructuring of the balance sheet of their jointly owned company, Parkdale America, LLC.

As a result of the restructuring, a distribution in the form of a return of capital has been made by Parkdale America to Unifi and Mills in amounts proportionate to their respective percentage ownership interests in America. The distribution received by Unifi of $49.2m will be applied to the retirement of outstanding debt. Following completion of the restructuring and distribution, Unifi will retain a 34 per cent ownership interest in America.

Unifi is the largest producer and processor of textured yarns in the world. Its primary business is the texturing, dyeing, twisting, covering, and beaming of multi-filament polyester and nylon yarns. Unifi's textured yarns are found in apparel and industrial fabrics, home furnishings, automotive, upholstery, hosiery, and sewing thread.