Court Approves Burlington's Reorganization Dis

Greensboro, NC, Aug. 28--The Bankruptcy Court has approved the company's disclosure statement setting forth the terms of its Plan of Reorganization and other information relating to its proposed emergence from Chapter 11 as well as proposed procedures for soliciting votes to accept the Plan. These documents will be sent to the company's creditor constituencies on or before September 12, 2003 for review and approval. Under the Court's ruling the creditors have until October 10, 2003 to review these documents and approve or object to the Plan. A confirmation hearing has been set for October 30, 2003 for the Court to consider confirmation of the Plan. If the Plan is confirmed, the company currently expects to emerge from bankruptcy promptly following the entry of the confirmation order. As previously announced, the company's Plan of Reorganization includes the purchase of Burlington Industries by WL Ross & Co. for $614 million, subject to adjustments, with a concurrent sale of Burlington's Lees carpet business to Mohawk Industries Inc.