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Court approves Anvil Knitwear to borrow upto $40mn

16
Oct '06
In its bankruptcy petition, apparel maker Anvil Knitwear Inc has obtained interim bankruptcy court approval to borrow a $40 million debtor-in-possession loan.

Out of the $40 million, company can borrow up to $30 million on the loan pending an October 23, 2006 final hearing.

Lender Wachovia Bank, to whom Anvil already owes about $25.8 million, would allow the pre-bankruptcy revolving credit facility.

In its bankruptcy petition, New York based Anvil has listed assets worth $110.7 million as against its liabilities worth $244.6 million.

Anvil, with more than 4,200 workers, designs and manufactures active wear mainly for the "imprinted" or "decorated" segment of the US apparel industry. The company sells products under various brand names like Anvil, ChromaZone, Cotton Deluxe, Towels Plus and Teak.

Anvil's business has suffered from increasing competition and changes due to certain import quotas and duties coupled with high fuel costs and low earnings.

The 27 year old company has facilities in North Carolina, South Carolina and offshore.


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