Pillowtex says GGST is winning bidder with $128 million offer

New York, Oct. 2 - Pillowtex Corp. said that GGST, LLC's bid of $128.0 million for substantially all the company's assets is the winning bid in the court-approved auction.

The Kannapolis, N.C. textile company said GGST's offer is $56 million higher than the original bid submitted with its bankruptcy filing on July 30.

The next highest bid submitted at the auction was by a joint venture formed by PT Partners, LLC and The Petters Co., Inc. for $127.5 million.

A hearing in the Bankruptcy Court for the District of Delaware to approve the sale is scheduled for Oct. 7.

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