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WL Ross to snap up Cone Mills.
Byline: David Carey
Extending its roll-up of troubled textile makers, WL Ross & Co. struck a deal to acquire Cone Mills Corp.'s assets as part of a planned reorganization, Cone Mills said Tuesday, Sept. 16.
Cone, a Greensboro, N.C.-based maker of denim and upholstery fabrics, said it would file a Chapter 11 petition in U.S. Bankruptcy Court in Delaware within several days.
Wilbur Ross, chairman and CEO of WL Ross, the New York-based private equity firm that agreed in August to pay $614 million for bankrupt textile maker Burlington Industries' assets, said that the elements of Cone Mills' restructuring were still in the works.
Ross said he …
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