Farley Unit Defaults on Pepperell Textile Loan
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CHICAGO — A unit of Farley Inc. said today it defaulted on a $796-million bank loan related to the acquisition of West Point-Pepperell Inc.
The development throws further into doubt Farley’s ability to complete its $3-billion acquisition of Pepperell, a giant textile maker based in West Point, Ga. The Farley unit, West Point Acquisition Corp., also said it would be unable to make interest payments due today to bondholders on its $705-million subordinated debt.
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