Business Services Industry
North Charleston, S.C.-Based Polymer Group's Restructuring Plan Is Unsettled.
Knight Ridder/Tribune Business News, September, 2002
By Jim Parker, The Post and Courier, Charleston, S.C. Knight Ridder/Tribune Business News
Sep. 21--Despite encouraging signs last week, Polymer Group bondholders failed to reach an accord on the company's restructuring plan Friday, leaving its fate up in the air even as votes were counted from creditors for and against the $500 million proposal.
"We didn't settle it," said Michael Beal, a Columbia lawyer representing smaller bondholders.
The vote results may not be known until early next week, said George Cauthen, lawyer for the North Charleston-based fabrics company. It's not expected to be unanimous; smaller bondholders oppose the plan. The minority note holders held talks with Matlin Patterson Global Opportunities Fund, the...
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