Kannapolis, NC, July 15--Pillowtex Corp. said on Monday its term lenders have extended a forbearance agreement and decided not to take action following the company's default on interest and principal payments.
The agreement, which was set to expire on July 14, will now remain in effect through July 21, the company said. Kannapolis, North Carolina-based Pillowtex, which emerged from Chapter 11 bankruptcy last year, said it was considering "strategic alternatives" with its lenders.
