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Ross submits top bid of $90M for Cone Mills

By Furniture Today Staff -- Furniture Today, February 1, 2004

GREENSBORO, N.C. — GREENSBORO, N.C. — The $90 million offered by New York investor Wilbur Ross was the highest bid for bankrupt Cone Mills in an auction last week.

Through his investment firm WL Ross & Co., Ross offered $46 million in cash and said he would assume $44 million in certain Cone liabilities. A hearing to approve the deal is set for next week in Wilmington, Del., in federal bankruptcy court.

Cone, a denim producer that is the parent of home furnishings supplier Cone Jacquards, filed for bankruptcy in September and expects to emerge later this month.

Ross, who bought Burlington Inds. in 2003 for $614 million, is expected to merge the denim operations of the two companies, both of which are based in Greensboro.

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