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Byline: Greg Johnson
Creditors of Pillowtex Corp. will head to court Aug. 28 for a showdown with a group of liquidators.
The official committee of unsecured creditors is blasting a planned sale of the bankrupt Kannapolis, N.C., maker of home furnishings and fabrics to GGST LLC in a deal Pillowtex values at $88.1 million.
At a hearing Wednesday, Aug. 20, in U.S. Bankruptcy Court for the District of Delaware in Wilmington, GGST said it is offering $56 million in cash for Pillowtex. GGST added it's also assuming $17.7 million in equipment leases and would pay $14.4 million for some real estate.
But creditors said the transaction is worth only …