Pillowtex requests court OK of offer to SEC that would revoke securities registration

By Caroline Salls

Pittsburgh, Jan. 6 - Pillowtex Corp. requested court OK to make a settlement offer to the Securities and Exchange Commission under which registration of all classes of the company's registered securities would be revoked and its reporting obligations would be terminated, according to an 8-K filing with the SEC.

The offer would resolve concerns raised in a June letter from the SEC's division of enforcement regarding the company's inability to prepare and file public disclosures.

Under the proposed offer, the registration of all classes of the company's securities would be revoked and no member of a national securities exchange, broker or dealer would be permitted to use the mails or other means of interstate commerce to effect any securities transaction or to induce the purchase or sale of the securities.

If the court approves the settlement offer and authorizes Pillowtex to submit the offer to the SEC, the company said it expects the SEC to begin an administrative proceeding to revoke the registration of all classes of the company's registered securities.

Pillowtex, a Kannapolis, N.C.-based home fashion textiles firm, filed for bankruptcy on July 30, 2003 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 03-12339.

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