Wellington, New Zealand, July 24, 2006--New Zealand carpet manufacturer Feltex Carpets Ltd., which had been seeking a new cornerstone investor to inject capital, was placed on trading halt on Monday pending an announcement regarding a restructuring of its business.
Shares in Feltex, which said last month it was in breach of its banking covenants and needed a fresh equity injection, closed on Friday at NZ$0.21, having traded between NZ$0.17 and NZ$0.64 over the past 12 months.
