DALLAS, Nov. 8 /PRNewswire/ -- Pillowtex Corporation (NYSE: PTX - news) today announced that it has received a temporary waiver from its senior lending group with respect to compliance with certain financial covenants under its senior secured credit agreements. The Company is in discussions with its senior lending group to amend certain covenants under those agreements.
Pillowtex also announced today that M. Joseph McHugh has joined the Company as acting Chief Financial Officer. Mr. McHugh was formerly President and Chief Operating Officer and previously Chief Financial Officer of Triangle Pacific Corp. prior to his retirement in December 1998. He is currently a member of the Pillowtex Board of Directors.
Charles M. Hansen, Jr., Chairman and Chief Executive Officer, stated that ''We are pleased to have Joe take a more active role in the financial operations of the Company. His experience in finance and accounting, along with that of John Macaulay who recently joined us as Senior Vice President of Finance, will provide a solid foundation in strengthening the accounting and financing functions of the Company.''
Statements contained in this press release that are not historical facts are forward-looking statements and could differ materially from actual results. Primary factors that could cause actual results to differ are discussed in the Company's most recently filed Form 10-K.
Pillowtex Corporation, with annualized sales in excess of $1.5 billion, markets and manufactures home furnishings for the bedroom and bathroom under such industry leading brand names as ROYAL VELVET®, CANNON®, FIELDCREST®, CHARISMA®, TOUCH of CLASS® and ROYAL VELVET BIG and SOFT®. In addition, the Company also produces products under the licensed names of RALPH LAUREN and WAVERLY®. Pillowtex Corporation operates a network of manufacturing and distribution facilities in the U.S. and Canada with approximately 14,000 employees.
SOURCE: Pillowtex Corporation
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