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.
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.