Business Services Industry
Pillowtex's Bankruptcy Filing Ripples through Charlotte, N.C., Area.
Knight Ridder/Tribune Business News, August, 2003
By Tony Mecia, The Charlotte Observer, N.C. Knight Ridder/Tribune Business News
Aug. 1--Pillowtex Corp.'s bankruptcy filing is rippling through some of the Charlotte area's largest companies, leaving the city's big banks and Duke Energy Corp. among the companies the towel-maker owes money.
On Wednesday, Kannapolis-based Pillowtex filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Delaware, listing $548 million in assets and $476 million in debts.
The company said it intends to li...uidate its business. It also said it is wiping out the jobs of its 7,650 workers, including more than 4,800 in the Carolinas.
According to court documents, Pillowtex's debts include $111 million on a credit line owed to Congress...
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