Burlington Industries obtains court approval for disclosure statement

By Carlise Newman

Chicago, Aug. 28 - Burlington Industries has obtained court approval for its disclosure statement and has set a confirmation hearing date for Oct. 30.

Under the court's ruling creditors have until Oct. 10 to review the documents and approve or object to the plan.

If the plan is confirmed, the company expects to emerge from bankruptcy promptly following the entry of the confirmation order.

The company's reorganization plan includes the purchase of Burlington Industries by WL Ross & Co. for $614 million, subject to adjustments, with a simultaneous sale of Burlington's Lees carpet business to Mohawk Industries Inc.

Greensboro, N.C.-based Burlington manufactures textiles.

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