Glenoit reorganization plan cleared

By Staff -- Home Textiles Today, 9/27/2002 2:01:00 PM

Wilmington, DE — The U.S. Bankruptcy Court here has given its approval to a plan of reorganization for Glenoit Corp., paving the way for the company to emerge from Chapter 11.

Glenoit's lenders lined up to support the plan, with 90 percent of the company's unsecured creditors, representing 99.9 percent of the unsecured debt, green-lighting the deal.

Additionally, 93 percent of the bondholders, holding 99.9 percent of the bond debt, approved the plan of reorganization.