Fruit of the Loom bankruptcy

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Fruit of the Loom Anticipates Plan
Chicago, Illinois-based Fruit of
the Loom, Inc. anticipates filing
a plan of reorganization with the
U.S. Bankruptcy Court by mid-summer,
according to published reports. The
initial draft of a plan, which is
expected to be filed with the Court
shortly, reportedly does not offer
creditors significant cash payment,
but it does reportedly offer a debt-
for-equity swap, providing creditors
with stock in the reorganized company
after it emerges from bankruptcy
proceedings. The proposed plan also
reportedly offers the issuance to
creditors new debt in the form of
bonds, warrants, or preferred stock.
The clothing manufacturer has been
operating under Chapter 11 protection
since December 29, 1999.

Bankruptcy Data

-- spider (spider0@usa.net), June 06, 2000


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