Island Dye sells gear

ISLAND Dyeing and Printing plans to sell the plant, machinery and equipment used for its dyeing and printing operations - which were terminated last October - for $16 million to a Novel Enterprises subsidiary.

The purchase by Novel Dyeing and Printing Mills requires the approval of the company's shareholders.

Proceeds of the sale of the machinery, which the company estimates has a book value of about $24 million, will be used to repay debts. Under the agreement, $2.4 million was paid as a refundable advance.