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Bank to pursue Pillowtex probe.
Byline: Shanon D. Murray
State Street Bank and Trust Co. has asked a Delaware judge to allow it to pursue a fraudulent conveyance claim against bankrupt Pillowtex Corp. and HSBC Bank USA, the trustee for certain bondholders of the textile company.
At issue are alleged fraudulent transfers resulting from intercompany guarantees made regarding 9% and 10% notes issued by Fieldcrest Cannon Inc., a Pillowtex subsidiary. HSBC is trustee for holders of those notes.
State Street is the trustee for Fieldcrest's 6% convertible subordinate debentures.
A hearing on the matter is scheduled for Feb. 8 before Judge Sue L. Robinson in the U.S. Bankruptcy …
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