NEW YORK — Guilford Mills Inc. last week took the first step toward emerging from bankruptcy proceedings by filing its reorganization plan.

The company said it expects to emerge by Sept. 30, the end of its fiscal year. Under the terms of the plan, Guilford’s suppliers will be paid in full. Guilford’s senior lenders will own 90 percent of the company, while current shareholders will own the remaining 10 percent. The plan still requires the approval of Guilford’s creditors and Manhattan bankruptcy court.

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