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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): August 1, 1997
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JPS TEXTILE GROUP, INC.
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(Exact Name of Registrant as Specified in its Charter)
DELAWARE
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(State or Other Jurisdiction of Incorporation)
33-27038 57-0868166
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(Commission File Number) (I.R.S. Employer Identification No.)
555 NORTH PLEASANTBURG DRIVE, SUITE 202
GREENVILLE, SOUTH CAROLINA 29607
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(Address of Principal Executive Offices) (Zip Code)
(864) 239-3900
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(Registrant's Telephone Number, Including Area Code)
NOT APPLICABLE
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(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
Filed herewith is a copy of the JPS Textile Group, Inc. (the
"Company") Press Release, dated August 1, 1997, announcing the filing, on
August 1, 1997, of the Joint Plan of Reorganization of the Company and its
wholly-owned subsidiary, JPS Capital Corp. with the United States Bankruptcy
Court for the Southern District of New York under chapter 11, title 11, of the
United States Code.
Item 7. Exhibits.
(c) Exhibit:
(99) Press Release, dated August 1, 1997.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned duly authorized.
JPS TEXTILE GROUP, INC.
By: /s/ David H. Taylor
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Name: David H. Taylor
Title: Executive Vice President -
Finance and Secretary
Date: August 1, 1997
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Exhibit Index
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Exhibit No. Description of Exhibit
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99 Press release issued by the Company on August 1,
1997.*
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*Filed herewith
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CONTACT: Wendi Kopsick
Jim Fingeroth
Kekst and Company
(212) 521-4800
FOR IMMEDIATE RELEASE
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JPS TEXTILE RESTRUCTURING PLAN SUPPORTED
BY 93% OF BONDHOLDERS IN SOLICITATION
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--Company Files Plan with U.S. Bankruptcy Court--
GREENVILLE, SC, August 1, 1997 - JPS Textile Group announced today that it has
received votes from over 93% of its bondholders in favor of its previously
announced restructuring plan, and, consequently, has filed the plan with the
U.S. Bankruptcy Court for the Southern District of New York for approval.
The results of the vote demonstrate overwhelming support for the restructuring
plan. Approximately 99.8% of the votes received from bondholders were
acceptances of the plan. The Company has also received votes from holders of
approximately 68% of the outstanding shares of its senior preferred stock, all
of which were in favor of the plan.
The plan provides for the restructuring to be effected through a voluntary
"prepackaged" chapter 11 case, which will take place at the holding level only.
JPS Textile's operating subsidiaries, JPS Converter & Industrial Corp. and JPS
Elastomerics Corp., have not filed for chapter 11 and will continue to conduct
business as usual.
Jerry Hunter, Chairman, President and Chief Executive Officer, commented, "The
filing of our plan with the Court is another step forward in the creation of a
new capital structure that will support our long-term growth and profitability.
We are gratified by the outstanding support we received from our securityholders
in the solicitation and look forward to moving ahead as quickly as possible with
the confirmation and implementation of our plan." The Company intends to request
that a confirmation hearing be scheduled in September.
JPS Textile, with consolidated annual revenues of approximately $450 million, is
one of the largest domestic manufacturers of textile and textile related
products for the apparel fabric, industrial and home fashion markets.
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