Buffett in Burlington bid.(Warren Buffett and his Berkshire Hathaway investment vehicle makes bid for Burlington Industries Inc.)(Brief Article)
Home Textiles Today, February, 2003 by Hogsett, Don
GREENSBORO, NC -- Still actively building a portfolio in home goods suppliers and retailers, Warren Buffett and his Berkshire Hathaway investment vehicle have made a bid for bankrupt textiles producer Burlington Industries Inc. After selling the Burlington House home fashions division, the mill remains active in upholstery and mattress ticking, in addition to its larger denim and apparel businesses.
Preparing to exit Chapter 11, Burlington filed a plan of reorganization last week saying it had accepted the offer from Omaha, NE-based Berkshire Hathaway, which agreed to acquire all of the company's equity for about $579 million in cash, which will be used to pay off Burlington creditors. But the Buffett deal faces a challenge from a buyout...
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