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Malden may use Ch. 11

By Furniture Today Staff -- Furniture Today, December 2, 2001

LAWRENCE, Mass. — Textile supplier Malden Mills said it is in the final stages of a financial reorganization that may require it to file for Chapter 11 bankruptcy protection.

Malden, the maker of Polartec, closed its upholstery division after a serious factory fire in 1995.

Aaron Feuerstein, president and chief executive officer, said the company is negotiating with a bank group to reorganize and restructure debt, and the lenders may want to do so under Chapter 11. Malden remains open and in business as usual, he said.

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