NEW YORK — With a new president and new owners, knitting mill Glenoit Fabrics has found a new lease on life.

This spring, the Shanghai-based textile firm Haixin Co. acquired the apparel-fabrics business of Glenoit Corp., which has been operating under Chapter 11 protection since August 2000. But the first meeting between the mill and its new Chinese backers didn’t happen at a bankruptcy-court auction.

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