Malden Mills Files For Chapter 11

Law360, New York (January 10, 2007, 12:00 AM EST) -- Textiles firm Malden Mills Industries Inc., which invented fleece fabric in the 1970s, filed for Chapter 11 bankruptcy protection Wednesday for the second time in five years, this time seeking court approval to sell the company to a turnaround firm.

Malden’s petition, filed in Delaware bankruptcy court, outlines a proposed sale of the company’s assets to Boston-based Gordon Brothers Group LLC for $44 million in cash plus the assumption of liabilities.

The company also filed a motion to tap a $10 million debtor-in-possession loan from GE...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.