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The proposed transaction would put Global Safett Textileson "stable footing" and allowq it to continue serving its auto manufacturing customerx around the world, the announcement Global Safety Textiles filed for Chapte r 11 bankruptcy on June 30. It is based in Greensboro alongwith ITG, but its manufacturing facilitiess are in Cordova, between Charlott e and Fayetteville, and also in South Hill, Va., and Calif. The unit has 217 totalk employees. Under the proposed Ross wouldinvest $55 million in a new entithy to acquire the assets of Global Safetg Textiles and its subsidiaries.
That cash injection woul give the newcompany "one of the well-capitalized balance sheets in the automotiv e industry" and allow for expansions in Europe, the America and China. The deal woulc have to be approver by lenders and thebankruptcy court. Ross' investment firm is also preparer to providea $25 million loan to the compan to finance operations until the sale is
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