Burlington Industries asks to extend exclusive period

New York, Sept. 30 - Burlington Industries, Inc. asked the U.S. Bankruptcy Court for the District of Delaware to extend the period in which it has the exclusive right to file a reorganization plan to Jan. 31, 2004 and the exclusive right to solicit acceptances to March 31, 2004.

The exclusive filing period currently expires on Sept. 30 and the exclusive solicitation period on Nov. 30.

The Greensboro, N.C.-based textile manufacturer said in its court filing that it has made "substantial progress in these Chapter 11 cases and currently [is] on the verge of emergence."

Burlington added that it is preparing to request confirmation of its reorganization plan on Oct. 30.

The company's reorganization plan includes the purchase of Burlington Industries by WL Ross & Co. for $614 million, subject to adjustments, with a simultaneous sale of Burlington's Lees carpet business to Mohawk Industries Inc.

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