NEWS RELEASE
Cone Mills Corporation
Greensboro, NC 27415




For Immediate Release


               Court Approves Sale of Cone Mills to WL Ross & Co.

        Sale Will Expedite Company's Exit From Chapter 11 Protection and
   Secure Cone Mills' Future as Part of Stronger, More Competitive Enterprise


         Greensboro, NC - February 10, 2004 - Cone Mills Corporation today
announced that the U.S. Bankruptcy Court has approved the sale of substantially
all of the company's assets to WL Ross & Co. The WL Ross & Co. offer was the
highest and best received during an extended bidding process that was conducted
in accordance with Section 363 of Chapter 11 of the U.S. Bankruptcy Code.

According to the WL Ross & Co. offer announced on October 22, 2003, WL Ross &
Co. agreed to purchase substantially all Cone Mills' assets for $46 million in
cash and the assumption of the company's outstanding Debtor-in-Possession loans
and selected other liabilities, for a total purchase price valued in excess of
$90 million. A closing date for the proposed sale has yet to be announced.

John L. Bakane, Chief Executive Officer of Cone Mills, said, "After an
exhaustive review of options and an open bidding process, we are pleased that
the court has approved the sale of Cone Mills to WL Ross & Co. Given the
enormous challenges our company has faced from the devastating impact of
low-cost imports, we firmly believe that the sale to WL Ross & Co. is the best
solution for our employees, customers and communities going forward."

Bakane added, "We have been successful in stabilizing our business during the
Chapter 11 process, and look forward to working with WL Ross & Co. on a smooth
transition to new ownership. Most of all, we are extremely pleased to now be
able to focus all of our efforts on ensuring a stronger future for Cone Mills."

About Cone Mills

Founded in 1891, Cone Mills Corporation, headquartered in Greensboro, NC, is the
world's largest producer of denim fabrics and one of the largest commission
printers of home furnishings fabrics in North America. Manufacturing facilities
are located in North Carolina and South Carolina, with a joint venture plant in
Coahuila, Mexico. http://www.cone.com

         This release includes forward-looking statements, as defined in the
         Private Securities Litigation Reform Act of 1995, reflecting
         management's current analysis and expectations, based on what
         management believes to be reasonable assumptions. These forward-looking
         statements include statements relating to our anticipated financial
         performance and business prospects. Statements preceded by, followed by
         or that include words such as "believe," "anticipate," "estimate,"
         "expect," "would," and other similar expressions are to be considered
         such forward-looking statements. Forward-looking statements may involve
         known and unknown risks, uncertainties and other factors, which may
         cause the actual results to differ materially from those projected,
         stated or implied, Accordingly, there can be no assurance that the
         Company will meet future results, performance or achievements expressed
         or implied by such forward-looking statements. This paragraph is
         included to provide safe harbor for forward-looking statements, which
         are not generally required to be publicly revised as circumstances
         change, and which the Company does not intend to update.

Contact:
Nyssa Tussing 646-805-2032                          Anne Granfield 646-528-4310
ntussing@rlmnet.com                                       agranfield@rlmnet.com


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