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PGI's debt problems began at the end of last year when its lenders exercised their rights to block bond payments after the company defaulted on a senior credit facility.
Just before the end of the year, the world's fourth largest roll goods producer, PGI Nonwovens, admitted to debt problems when it defaulted on a senior credit facility, and its lenders exercised their rights to block bond payments.
Charleston, SC, admitted to debt problems recently when it said it was in default on a senior credit facility and its lenders exercised their right to block bond payments.