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international textile group (ITXN) Snapshot

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03/19/14 - $0.50
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01/6/15 - $0.10
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international textile group (ITXN) Details

International Textile Group, Inc. operates as a diversified textile manufacturing company. The company’s Bottom-Weight Woven Fabrics segment offers apparel fabrics, including denim under the Cone Denim brand for jeans wear market; synthetic and worsted fabrics under the Burlington WorldWide and Raeford Uniform brands for use in the production of men’s and women’s apparel, performance active wear, and uniform career apparel, as well as for the military dress uniform business; and cotton fabrics. This segment also produces technical and value added fabrics used in various niche industrial and commercial applications, such as engineered materials used in fire service apparel, ballistics materials, filtration, military fabrics, and outdoor awnings and covers; and automotive airbag fabrics, which are components of airbag modules, as well as exports airbag fabric to Europe. International Textile Group, Inc.’s Commission Finishing segment manufactures and sells fabrics for battle dress uniforms primarily to the United States government and government contractors; and military prints for the United States government, as well as for other governments and commercial interests. This segment also provides textile dyeing, printing, and finishing services for decorative fabrics and specialty prints. The company also provides transportation services. The company markets and sells its products to customer base in the bottom-weight woven fabric, government uniform fabric, decorative fabric, automotive safety, and specialty fabric and services markets primarily in the United States, Mexico, and China. International Textile Group, Inc. was founded in 2004 and is headquartered in Greensboro, North Carolina.

4,800 Employees
Last Reported Date: 03/26/14
Founded in 2004

international textile group (ITXN) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $726.3K
President of Burlington Worldwide Group
Total Annual Compensation: $419.2K
Compensation as of Fiscal Year 2013.

international textile group (ITXN) Key Developments

International Textile Group, Inc. Enters into Amendment No. 12 to its Credit Agreement with General Electric Capital Corporation

International Textile Group, Inc. and certain of its U.S. subsidiaries entered into Amendment No. 12 to its Credit Agreement with General Electric Capital Corporation, as agent and lender, and certain other lenders. The Amendment amends the Credit Agreement to provide for, among other things, revolving credit facility availability of $85.0 million, subject to a borrowing base, a maturity date on revolving credit facility borrowings of December 18, 2019, and a maturity date on term loan borrowings of January 1, 2017, with term loan repayments of approximately $0.25 million per month required until maturity. Borrowings under the Credit Agreement bear interest at the London Interbank Offered Rate, plus an applicable margin, or other published bank rates, plus an applicable margin, at the company's option. The Amendment reduced the applicable margin on all borrowings by 1.75% per annum and reduced unused commitment fees on the revolving credit facility from a range of 0.50% to 0.75% to a range of 0.25% to 0.37.5% annually, depending on amounts borrowed. Under the Credit Agreement, the company is required to maintain excess availability and average adjusted availability at or above certain predefined levels, or certain limitations may be imposed on the company. Among other limitations, if the company's excess availability falls below certain predefined levels, the lenders under the Credit Agreement can draw upon an evergreen standby letter of credit in the amount of $20.0 million. No amounts have been drawn under this letter of credit as of the date hereof. The Amendment provides for future reductions of the WLR LC of up to $5 million, or termination of the WLR LC, based upon amounts of the term loan repaid under the Credit Agreement, the maintenance of a specified fixed charge coverage ratio, the level of average excess availability, and certain other conditions.

Wilbur Ross Jr. Resigns from the Board of Assured Guaranty, International Automotive Components, International Textile Group, NBNk Ltd., Ocwen Financial Corp. and Talmer Bancorp

Wilbur Ross Jr. has resigned from the board of Assured Guaranty, International Automotive Components, International Textile Group, NBNK Ltd., Ocwen Financial Corp. and Talmer Bancorp. due to new regulatory restrictions in the European Union which limit the number of directorships a bank officer may hold.

International Textile Group, Inc. Appoints Kenneth T. Kunberger as Director

On October 1, 2014, the Board of Directors of International Textile Group, Inc. appointed Kenneth T. Kunberger, the company's current President and Chief Executive Officer, as a Director.


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