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Polartec maker secures funding - BikeBiz

Polartec maker secures funding

Further to the story carried on this site on 21st November, Malden Mills of Massachusetts, has finalised a deal with its lenders to fund its operations during its Chapter 11 "reorganization"
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“This reorganization allows Malden Mills to emerge from the challenges we have faced since the catastrophic fire that nearly destroyed our company in late 1995,” said president and CEO Aaron Feuerstein.

“[There now] begins a new chapter in Malden Mills’ 95 year history as a stronger, more highly focused and profitable company. Our internationally renowned brand name, our pioneering research and development arm, coupled with our strong customer base and our dedicated workforce, will keep Malden Mills at the forefront of the industry for many years to come.”

The Mill was devastated by an industrial fire on December 11, 1995. Feuerstein received national recognition for immediately rebuilding in Lawrence, MA while continuing to pay his workers during the process. The new Polartec building was the first mill built in New England in more than 100 years.

The Chapter 11 filing was necessary due to a mountain of bank debt accrued after the fire.

See the earlier story at:

http://www.bikebiz.co.uk/.../article.php?id=1786

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