Net asset sale closes, minus 5, for $121 mil

Felgner, Brent
November 2003
Home Textiles Today;11/10/2003, Vol. 25 Issue 11, p4
Trade Publication
Pillowtex Corp. will seek to directly sell off five of its facilities excluded that of the first week of November 2003 from the closing of its asset sale to GGST LLC. The liquidation consortium was permitted to omit those properties from its purchase under the terms of its asset purchase agreements with Pillowtex, which went into effect following its successful $128 million bid during October's auction of the defunct mill. The exclusions resulted in a $7 million reduction in the purchase price, bringing the net price to $121 million. Left out of the sale were properties in Eden and Kannapolis, North Carlina; Dallas, Texas; Hanover, Pennsylvania; and Tunica County, Missouri. GGST retains the rights to all equipment located at all Pillowtex facilities. Still undecided are the fates of Pillowtex's brands such as the Royal Velvet, Charisma, Fieldcrest and Cannon, among them that are currently being marketed on behalf of GGST by Group 3 Design.


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