Judge OKs Bid for Fruit of the Loom
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Warren Buffett’s Berkshire Hathaway Inc. won a bankruptcy judge’s approval of its $835-million bid to buy underwear maker Fruit of the Loom Inc.
U.S. Bankruptcy Judge Peter Walsh in Wilmington, Del., declared Berkshire’s bid “the highest and best offer.” In fact, it was the only bid submitted at a Dec. 18 auction.
The decision clears the way for Fruit of the Loom to move forward with its bankruptcy reorganization plan, which uses the proceeds of the sale to repay some creditors’ claims. Walsh will decide whether to approve the plan in March.
Shares of Chicago-based Fruit of the Loom rose 2 cents to 25 cents in over-the-counter trading. Class A shares of Omaha, Neb.-based Berkshire Hathaway fell $1,300, or 1.7%, to $74,300 on the NYSE.
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