CEO’s Bid to Buy Back Malden Mills Hits Snag
The chief executive of Malden Mills Industries Inc., maker of Polartec fleece, suffered a setback in his attempt to regain control of the company when the U.S. Export-Import Bank declined part of his request for a $35-million loan guarantee.
The bank, a lender of last resort, approved a preliminary loan guarantee of only $20 million for Malden Mills, which is working to emerge from bankruptcy protection.
Aaron Feuerstein, 77, is scrambling to raise $92 million by today to exercise an exclusive option to buy back the company. The Lawrence, Mass.-based company has been controlled by Feuerstein’s family for nearly a century.
From Reuters
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