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Creditors seek stay on Cone Mills sale to Ross

By Furniture Today Staff -- Furniture Today, February 15, 2004

GREENSBORO, N.C. — A U.S. bankruptcy court last week approved the sale of Cone Mills to Wilbur Ross, but a committee of the struggling denim producer's creditors asked the judge to stay the decision while they prepare an appeal.

A timetable for resolving the issue wasn't clear. The creditors group said the offer made by WLRoss & Co. was less than the company would get if it liquidated assets.

If the court's decision stands, Ross will pay $46 million in cash and assume liabilities, bringing the total purchase price to more than $90 million.

Last year, Ross bought denim producer Burlington, which like Cone is based in Greensboro, and is expected to blend the denim operations of the two companies. Ross has not said whether any changes are in store for Cone Jacquards, the upholstery fabric division of Cone Mills.

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