Polymer Group Inc (PGI) announced the filing of a registration statement on Form S-3 with the Securities and Exchange Commission.
The shelf registration statement covers Class A Common Stock having an aggregate sales amount of up to $350 million held by MatlinPatterson Global Opportunities Partners L.P. and certain of its affiliates.
The shelf registration statement will permit such selling stockholders to sell, from time to time, shares of PGI's Class A Common Stock but they are under no obligation to do so.
The selling stockholders will determine the number of shares to be included in any offering and have informed the company that they intend to make sales as early as the third quarter of 2007 based on market conditions. PGI will not receive any proceeds from the sale of such shares.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective.
The securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
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