New York based apparel maker Anvil Holdings announced it has completed a successful, financial restructuring of its capital structure, which has eliminated approximately $200 million in debt and preferred stock in exchange for new equity and warrants.
The company expects to close on all transactions necessary to consummate this restructuring by February 5, 2007. Anvil Holdings, through its operating subsidiary Anvil Knitwear, makes and markets active wear, hats, towels and bags for men, women, and children mainly for the screen printed segment of the industry. The company's brands include Anvil, Cotton Deluxe, chromaZONE, and TowelsPlus, as well as private labels manufactured for other major brands.
Anvil Holdings CEO Anthony Corsano said, "Our new financial structure will allow us to compete more successfully, and will also facilitate our plans for short and long-term growth with new facilities, new brands and new styles. We are very excited about our future."
Anvil, which employs more than 4,000 people, has headquarters in New York and a distribution center in South Carolina. In addition to the financial restructuring the company has built a new state of the art textile facility in Honduras. "We are proud of our facilities, and anticipate that they, along with our financial restructuring, will allow us to compete very effectively in the world market," said Corsano.
"Despite Asian competition, apparel deflation and the domestic industry'stransition to Central America, Anvil has done a spectacular job of maintaining its revenue base over the last decade," said Mary Gilbert head of fixed income research for Imperial Capital. "The restructuring, which eliminates most of its debt, gives Anvil the financial flexibility to take advantage of growth opportunities. I think Anthony Corsano and his team are critical to this effort."
Anvil was one of the companies that helped develop the T-shirt's evolution from underwear to "fashion wear." Even under its heavily leveraged financial structure, the company remained a continual innovator bringing new color and new style to an evolving market and was "green" long before being environmentally concerned was considered a positive marketing differentiator. Corsano promises further announcements in these areas in the near future.
marketing@alchempro.com
