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and Cone Mills Corp. were consolidated. Both companies were bought out of Chapter 11 bankruptcy proceedings by Wilbur L. Ross & Co. Although many were concerned about Ross' decision to merge the two bankrupt companies, this consolidation created a $900 million company in which Ross is chairman. Ross' WL Ross & Co. and its affiliates control about 82% of ITG (Hoovers, 2006).
Ross has been revitalizing bankrupt companies since 2002. Ross stated, "We saw the mills had way too much debt, a lot were filing for bankruptcy, and we knew the clock was ticking away with quotas expiring" (Tatge, 2). It is evident that Ross is trying to revamp the textile industry itself...
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