Cone Mills completes sale of assets to WL Ross

By Jeff Pines

Washington, March 12 - Cone Mills Corp. completed the sale of its assets to WL Ross & Co. for $46 million and the assumption of certain debt, the company said in a news release.

"We are delighted that the bankruptcy court approval process has been completed and that now we can help Cone's customers, management, employees and vendors benefit from a vastly reduced debt burden and synergies with Burlington Industries. I will be in Greensboro next week to discuss with the management and employees of both companies ways to maximize values," said Wilbur Ross, chairman of WL Ross.

WL Ross & Co. acquired Burlington Industries for $260 million in November. Burlington and Cone Mills are based in Greensboro, N.C. Both manufacture textiles.

Both the equity holders and Cone Mill's bondholders contested the sale arguing the company was worth significantly more than WL Ross was offering.

Cone Mills' Chapter 11 case number was 03-12944.

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