Sumergrade gets court OK to sell assets to Pillowtex for $9,277,000.

Daily News Record, June, 1987 by Squiers, Deborah

Sumergrade Gets Court OK to Sell Assets to Pillowtex for $9,277,000 NEW YORK (FNS) -- Sumergrade Corp., which recently shut down its operations, has received bankruptcy court approval to sell all its assets for $9,277,000 to Pillowtex Corp.

The sale includes Sumergrade's Ralph Lauren Home Collection license, its plant in Rocky Mount, N.C., and inventory.

Sumergrade, which filed Chapter 11 proceedings along with its affiliate, Sumergrade Sons Corp., on Jan. 30, had initially tried to reorganize its business, but reached a snag when its lender, European American Bank, refused to continue financing operations.

During the course of the Chapter 11 proceedings, Sumergrade had been trying to work out a deal with Purofied Down Products Corp. to...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.