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Pillowtex Settlement

After waiting nearly three years, former Pillowtex workers soon might get money from the company's bankruptcy case to settle employment claims at the defunct textile plant. About 58-hundred former employees received ballots recently to vote on a proposed deal to settle claims for unionized workers. The deal must be approved by a federal bankruptcy judge and 80 percent of the workers eligible for the payments. There is a scheduled hearing on employment cases April 20th and a hearing May Eleventh on the company's reorganization plans. Pillowtex will pay about 13-point-five million dollars for the settlement, which covers about 24-and-a-half days of pay. The company has a pool of 50 million dollars to pay debts. The company closed suddenly in July 2003 and put more than 76-hundred people out of jobs in the largest mass layoff in state history.


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