Malden Mills asset sale complete, new company formed

By Caroline Salls

Pittsburgh, March 14 - Malden Mills Industries, Inc.'s sale to Polartec, LLC is complete, according to a Polartec news release.

Polartec said it will continue manufacturing operations at the company's Lawrence, Mass., Methuen, Mass., Hudson, N.H., and Shanghai, China, plants.

Michael Spillane, chief executive officer of Malden Mills during the past three years, has been named the CEO of Polartec, and the rest of Malden Mills' management team will transition to their respective positions within the new company.

"This day represents a fresh start for our Polartec products, brand and employees," Spillane said in the release.

Malden Mills, a Lawrence, Mass.-based textile company, filed for bankruptcy on Jan. 10 in the U.S. Bankruptcy Court for the District of Delaware. The case was transferred to the Massachusetts court on Jan. 16. Its Chapter 11 case number is 07-40124.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.