ITG tardy on annual report
International Textile Group told government regulators today that the Greensboro-based company could not file its mandatory annual report on time.
According to a filing with the U.S. Securities and Exchange Commission, ITG has yet to evaluate some accounting issues related to corporate transactions that took place during 2006. Some of these issues have to do with an October merger with Safety Components International.
Since the merger, ITG has operated as a public company, listed on the over-the-counter bulletin board under the ticker symbol ITXN. A majority of shares in the combined companies are held by affiliates of WL Ross & Co., a New York City-based operation that historically invests in financially troubled companies.
ITG plans to file its annual report with government regulators within 15 days.
Due to recent automated spamming attacks on our blogs, we are temporarily requiring commenters to authenticate themselves via TypeKey® before posting comments to any News & Record blog in order to prevent denials of service. We sincerely apologize for the inconvenience.