CONE MILLS: PRESS RELEASE OF OFFICIAL COMMITTEE OF EQUITY SECURITY HOLDERS

On December 4, 2003, U.S. Trustee Joseph J. McMahon, Jr. of the United States Department of Justice, announced the appointment of an Official Committee of Equity Security Holders (Equity Holders Committee") to represent the interests of shareholders in connection with the bankruptcy of Cone Mills Corp.

(PRWEB) December 18, 2003 --On December 4, 2003, U.S. Trustee Joseph J. McMahon, Jr. of the United States Department of Justice, announced the appointment of an Official Committee of Equity Security Holders (Equity Holders Committee") to represent the interests of shareholders in connection with the bankruptcy of Cone Mills Corp. A copy of the official Notice of Appointment is attached to this Press Release.
The following Cone Mills shareholders were appointed: Joseph F. Bond, Jr. of Allendale, New Jersey; James D. Holder, of Greensboro, North Carolina; Erwin A. Kelen, of Minneapolis, Minnesota; Robert C. Klass, Sr., of Mendota Heights, Minnesota; and Laurence S. Zipkin, of Golden Valley, Minnesota.

At its first meeting, the Equity Committee elected Laurence S. Zipkin as Chair. The Committee appointed Kirkland & Ellis LLP as counsel, and has retained Libra Securities LLP as their financial advisors.
The Committee intends to investigate the propriety and advisability of the current managements proposal to sell the entire assets of the company at an expedited sale to WL Ross & Co. LLC, which would wipe out equity holders, and to explore and promote constructive alternatives to managements plan which promise to preserve some shareholder value and enhance creditor recoveries.

CONTACT INFORMATION:
   Richard L. Wynne, Esq.
   KIRKLAND & ELLIS LLP
   213-680-8202
   FAX: 213-680-8500   
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