NEW YORK — Guilford Mills Inc. is taking a closer look at its infrastructure through the eyes of Goldman Sachs.
The Greensboro, N.C.-based textile mill, which exited from bankruptcy about a year ago, said Monday it hired investment bank Goldman Sachs to help the firm explore strategic alternatives, such as a potential sale or financial restructuring.
“What we’ve done is engage Goldman to evaluate our situation,” said David H. Taylor, Guilford’s chief financial officer. “It is not in response to specific offers or interests. The board needs to figure out if any kind of change in capital structure or ownership structure would be in the best interest of shareholders.”
Guilford has posted profits during each of the three quarters since exiting from Chapter 11 in October 2002, making it a good time to evaluate if any change to the business or financial structure is a good move, Taylor said.
When it emerged from bankruptcy, Guilford issued new stock and turned over 90 percent of ownership to its former creditors. Former shareholders got the remaining 10 percent. It reduced its debt from $270 million to $145 million by reorganizing.
Since its filing, the company reduced its interest in the apparel fabrics business to represent only 10 percent of its volume. Net sales for the nine months ended June 29 fell 15.4 percent to $339.4 million.
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