Mohawk Inds. to buy Lees Carpet division
By Staff -- Home Textiles Today, 7/28/2003 12:00:00 AM
CALHOUN, GA —
Mohawk Industries Inc. last week entered an agreement with W. L. Ross & Co. to acquire the assets and assume certain liabilities of Lees Carpet, the carpet division of Burlington Industries Inc.
Ross entered a binding bid to Burlington to purchase certain assets and assume certain liabilities of Burlington in connection with its emergence from bankruptcy. This bid includes a provision for Lees Carpet to be sold to Mohawk by Ross if it is successful in the auction process. The auction is scheduled for July 28, and a bankruptcy court hearing to approve the auction is scheduled for July 31.
Should Ross win the auction, the closing of Mohawk's purchase of Lees Carpet would be subject to approval by the bankruptcy court overseeing Burlington's plan of reorganization.
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