Guilford Mills gets reprieve
By Furniture Today Staff -- Furniture Today, January 27, 2002
GREENSBORO, N.C. — Fabric supplier Guilford Mills, which was close to a possible bankruptcy filing last week when it could not make an overdue interest payment, now has until Feb. 15 to make the payment.
The previous deadline for the company's noncompliance waiver was Jan. 18, but the company and its lenders agreed to extend the waiver while attempts are made to restructure the textile company's loan agreements.
John Emrich, president and chief executive officer, said, "While Guilford and the entire textile industry are obviously operating under tough economic conditions, we are fully committed to succeed in the face of these challenges and appreciate the support of our employees, customers and suppliers during this period."
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