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Pillowtex's Kannapolis plant sold for $6.375 million
New York, Dec. 10 - Castle & Cooke, Inc. said it won the auction for Pillowtex Corp.'s Plant 1 complex and waste water treatment facility in Kannapolis, N.C., with its bid of $4.25 million in cash and a $2.125 million convertible promissory note.
The bid is subject to approval by the U.S. Bankruptcy Court for the District of Delaware at a hearing on Dec. 14.
The stalking horse bidder had been Manchester Real Estate & Construction LLC at $3 million in cash and a $1.5 million promissory note.
Kannapolis-based Castle & Cooke, a diversified company, said the note will convert into a one-third interest in the plant.
Pillowtex filed for bankruptcy on July 30, 2003. Its Chapter 11 case number is 03-12339.
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