Pillowtex wins still more time

Staff -- Home Textiles Today, 7/21/2003 12:00:00 AM

KANNAPOLIS, NC —

Pillowtex's lenders late Friday afternoon gave the mill four additional days to "review its strategic alternatives."

The banks have resisted calling in their loans after Pillowtex defaulted June 30 on a debt payment, three times granting the firm additional time to find the cash — or a buyer — before moving on the company. The latest extension, which expires July 25, is Pillowtex's fourth.

A large portion of the company's work force has been idled beyond its usual two-week shutdown around the Fourth of July holiday.