Business Services Industry
Bankrupt Lawrence, Mass.-Based Textile Company Nears Agreement with Creditors.
Knight Ridder/Tribune Business News, January, 2003
By Ross Kerber, The Boston Globe Knight Ridder/Tribune Business News
Jan. 28--Attorneys and executives negotiating the future of Malden Mills Industries Inc. said yesterday that they may submit the terms of an agreement as soon as this morning to a Bankruptcy Court judge in Worcester, who is scheduled to oversee a hearing on the company's fate.
The various sides since December have been close to a deal to bring the Lawrence-based family business out of Chapter 11 bankruptcy protection with its chief executive, Aaron Feuerstein, still involved.
But they have failed to sort out his exact role, or the exact amount that the company's unsecured creditors could expect to be paid.
Creditors have also questioned the company's sales...
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