New York, NY, March 31 -- Home textile maker Pillowtex Corp. on Friday said its term loan lenders have waived some requirements for the current first quarter.
The company, which emerged from Chapter 11 bankruptcy protection in May of last year, said its lenders agreed to waive its interest coverage and leverage ratio requirements for the fiscal quarter ending March 29.
Separately, the company named current chief financial officer Michael Harmon president, succeeding Michael Gannaway, who was appointed to the position of chief executive officer on March 19. Harmon will continue to serve as CFO.
Shares of Kannapolis, North Carolina-based Pillowtex, which makes Cannon and Fieldcrest towels, were unchanged at 29 cents on the over-the-counter Bulletin Board in morning trading.
