Pluma Inc – ‘8-K’ for 11/20/99

On:  Wednesday, 12/1/99   ·   For:  11/20/99   ·   Accession #:  950168-99-3086   ·   File #:  1-12763

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Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Pluma Form 8-K                                         3     13K 
 2: EX-2.1      Plan of Liquidation                                   40    112K 
 3: EX-2.2      Disclosure Statement                                  51    136K 
 4: EX-2.3      2nd Modification to Plan of Liquidation                3     13K 
 5: EX-2.4      Modification to Disclosure Statement                   5     15K 
 6: EX-2.5      Modified Disclosure Statement                         51    134K 
 7: EX-2.6      Modified Plan of Liquidation                          42    113K 
 8: EX-2.7      Order Confirming Debtor's Plan                         2     10K 

8-K   —   Pluma Form 8-K
Document Table of Contents

8-K
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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): Report Filed December 1,      
1999; Date of earliest event reported (Order Confirming Debtor's Plan of        
Liquidation as Modified) November 20, 1999                                      

 PLUMA, INC.

(Exact name of Registrant as specified in Charter)

North Carolina                      333-18755                   56-1541893      

(State of                       (Commission File             (IRS Employer      
incorporation)                       Number)                 Identification No.)

801 Fieldcrest Road                                                             
Eden, North Carolina                                 27288-3632                 
(Address of principal executive offices)             (Zip Code)                 

(540) 635-4000                                                                
(Registrant's telephone number, including area code)                            

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Item 3:  Bankruptcy or Receivership                                             

         On November 20, 1999 an Order confirming a modified Plan of Liquidation
of Pluma, Inc. was entered by the United States Bankruptcy Court for the Middle 
District of North Carolina. The Plan provides for the orderly liquidation of the
assets of the Company with the proceeds being distributed to creditors generally
in accordance with the priority of distribution rules established in the        
Bankruptcy Code. The Bank Group, consisting of Bank of America, Centura Bank,   
Suntrust Bank, Atlanta, Crestar Bank, and Fleet Bank, N.A., holds uncontested   
liens on substantially all of the Company's assets and will receive the net     
proceeds of all asset sales. Under the Plan, however, the Bank Group has agreed 
to "carve out" the sum of $750,000.00 to be placed in a "Creditors Fund" to be  
used primarily for the benefit of general unsecured creditors.                  

       The Plan anticipates that after the liquidation of all estate assets,
the Bank Group will be left with a deficiency claim in the approximate amount of
$50.0 million. The Plan further anticipates that general unsecured creditors    
(exclusive of the Bank Group deficiency claim) will receive an aggregate        
distribution of between five and fifteen percent of the amount of their         
respective allowed claims. Under the Plan of Liquidation all allowed general    
unsecured claims (approximately $15.0 million) and the Bank Group deficiency    
claim must be paid in full prior to their being any distribution to             
shareholders. Consequently, it is most unlikely that shareholders will receive  
any distribution in this case.                                                  

(c)  Exhibits.                                                

2.1  Debtor'S Plan of Liquidation                   
2.2  Debtor's Disclosure Statement                  
    2.3  Debtor's Second Modification to Plan of Liquidation
2.4  Debtor's Modification to Disclosure Statement  
2.5  Debtor's Modified Disclosure Statement         
2.6  Debtor's Modified Plan of Liquidation          
           2.7  Order Confirming Debtor's Plan of Liquidation as Modified,
entered November 20, 1999                 

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      Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the    
undersigned hereunto duly authorized.                                           

 PLUMA, INC.

            By:  /s/ John Wigodsky
                                    --------------------------------------
           John Wigodsky
                                   President and Chief Executive Officer

Dated:  December 1, 1999                                                        

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Dates Referenced Herein

				Referenced-On Page
This ‘8-K’ Filing		Date		First		Last			Other Filings
Filed on:		12/1/99		1		3			None on these Dates
For Period End:		11/20/99		1		2
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