Initially, all went well. Maiden Mills was able to rebuild its factory and reopen sections within a year. Employees came back to work and the com¬munity seemed to recover. Unfortunately, Maiden Mills couldn't recover fully. Insurance covered only three-fourths of the $400 millions cost of rebuilding and by 2001 Maiden Mills filed for bankruptcy protection. During the summer of 2004, Maiden Mills emerged from bankruptcy but its board of directors was now controlled by its creditors, led by GE Commercial Finance Division. The new board replaced Aaron Feuerstein as CEO and Board Chairman, although he retained the right to buy back the controlling interest if he could raise suf¬ficient financing. In October of 2004, the board rejected Feuerstein's offer to buy back the company. In response to the company's contract offer that included cuts in health care benefits, the union representing the remaining 1,000 work¬ers at Maiden Mills voted to authorize a strike in December 2004, the first in company history.