Fruit of the Loom and its US subsidiaries have filed for bankruptcy protection known as Chapter 11 under US law, so that it can reorganise, obtain working capital and restructure its finances and operations, the company said in a statement last night. Foreign subsidiaries of the famous underwear maker are not part of the bankruptcy filing.
The company said Bank of America had provided it with a $625 million (€622 million) loan "to continue normal, day-today operations".