Cone seeks recap for Mex.

Staff -- Home Textiles Today, 1/20/2003 12:00:00 AM

GREENSBORO, NC —

Cone Mills Corp. has cut a deal with WLR Recovery Fund II L.P., a private investment fund, to sell WLR up to $27 million in convertible notes, a move that will support a recapitalization of the company's balance sheet and allow the expansion of its Mexican denim operations. WLR now holds 50 percent of Cone's bank debt and a portion of its bonds.