Greensboro, NC, Feb. 25--International Steel Group Chairman Wilbur Ross moved a step closer to consolidating two of North Carolina's major textile companies Tuesday, as a group of bondholders failed in its efforts to block Ross' purchase of Greensboro-based Cone Mills Corp, as reported in the harlotte Observer
Ross has said he plans to merge the denim operations of Cone with another Greensboro-based textile giant, Burlington Industries Inc., which he bought out of bankruptcy in November for $614 million.
Ross has offered $90 million for Cone, and the deal is subject to bankruptcy-court approval. Bondholders opposed to the deal failed to meet a midnight Monday deadline to post a bond to stall the sale, according to The Associated Press.
Ross has said consolidation in the textile industry, along with increased free trade with Central America, will help U.S. companies compete. Opponents have said his trade stance is selling out the rest of the textile industry and benefits only companies such as Burlington and Cone, which have Mexican operations.
