The amended WL Ross acquisition agreement has been incorporated into the company's plan of reorganization. The related disclosure statement is scheduled to be reviewed by the court at a hearing in late August. If approved, Burlington expects the plan to become effective in October 2003.
Court approves WL Ross & Co. bid for Burlington
August 4, 2003
The bankruptcy court in Greensboro, N.C., has approved an amended acquisition proposal of $614 million (subject to adjustment) from WL Ross & Co. LLC as the highest and best received from the auction conducted on July 28, 2003. The agreement contemplates the sale of Burlington Industries to WL Ross & Co. LLC, with a concurrent sale of Burlington's Lees carpet business to Mohawk Industries Inc.