Berkshire Hathaway to acquire Burlington Industries
Burlington Industries Inc. and Berkshire Hathaway Inc. have executed a definitive agreement for Berkshire Hathaway to acquire Burlington Industries. The amount payable in the transaction to creditors of Burlington, which began Chapter 11 reorganization proceedings in 2001, is estimated to be $579 million, subject to adjustments.
Following emergence from Chapter 11, Burlington would operate as a wholly owned subsidiary of Berkshire Hathaway. Burlington and Berkshire currently expect the closing to occur toward the end of the June quarter of 2003.