SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549



                                    FORM 8-K



                                 CURRENT REPORT

                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934



        Date of Report (date of earliest event reported): March 12, 2001



                                 WORLDTEX, INC.
             (Exact name of registrant as specified in its charter)



                                    Delaware
                 (State or other jurisdiction of incorporation)



          1-11438                                           56-1789271
   (Commission File Number)                    (IRS Employer Identification No.)


915 Tate Boulevard, S.E., Suite 106, Hickory, North Carolina            28602
(Address of principal executive offices)                              (Zip Code)

Registrant's telephone number, including area code:  (828) 322-2242


<PAGE>


ITEM 3. BANKRUPTCY OR RECEIVERSHIP

            On March 12, 2001, Worldtex, Inc. (the "Company" or "Worldtex")
and its subsidiaries Elastic Corporation of America, Inc., Regal
Manufacturing Company, Inc., WTX Colombia I, Inc., WTX Colombia II, Inc.,
Willcox & Gibbs Filix of Delaware, Inc. and Regal Yarns of Argentina Inc.
filed petitions for reorganization under Chapter 11 of the U.S. Bankruptcy
Code in the U.S. Bankruptcy Court for the District of Delaware.  The
petitions were filed, as planned, for the purpose of restructuring Worldtex's
capitalization.  The restructuring has been prenegotiated with an informal
committee of holders of approximately 64% of the Company's 9-5/8% Senior
Notes.  The filing also includes a plan of reorganization and a proposed
disclosure statement.  The noteholders on the informal committee have agreed
to vote in favor of such plan of reorganization pursuant to a lock-up
agreement.

            The  restructuring  will result in the substantial  reduction of the
Company's debt by canceling all outstanding principal and all accrued and unpaid
interest on the 9-5/8% Senior Notes  (approximately  $187,000,000),  in exchange
for (i) 98% of newly issued  common  stock in the  Company,  subject to dilution
from employee options and warrants to existing stockholders,  and (ii) a new 12%
preferred stock, in the aggregate face amount of $30 million. In addition, under
the  plan  all  existing  common  stock  of  Worldtex  will  be  canceled  and a
distribution  will be made to former  stockholders  of (i) 2% of the new  common
stock,  subject to dilution from employee options and warrants and (ii) warrants
for 10% of the fully diluted new common stock,  exercisable  at a price at which
the holders of the 9-5/8% Senior Notes will have received a 100% recovery on the
principal  amount of the Senior Notes. No fractional  shares or warrants will be
distributed, nor will any payment be made in lieu thereof.


<PAGE>

            Worldtex  has  entered  into a debtor  in  possession  ("DIP")  loan
agreement with its current bank lenders to provide  financing during pendency of
the Chapter 11 case by rolling over the Company's existing $40 million revolving
credit  facility  and term  loan of $7.125  million.  The  Bankruptcy  Court has
approved the DIP  facilities  on an interim basis and has scheduled a hearing to
consider  final  approval of the DIP facilities on April 2, 2001. The Bankruptcy
Court has  scheduled  a  hearing  to  consider  Worldtex's  plan and  disclosure
statement on April 30, 2001.

            Implementation  of the  restructuring  is subject to consummation of
the Chapter 11 plan, which requires,  among other things, arranging a new credit
facility to be available upon  emergence  from Chapter 11 and  Bankruptcy  Court
approval  of the plan and the  disclosure  statement  describing  the  plan.  No
assurances  can be given that the plan will be  consummated.  This SEC filing is
not an offer with respect to any securities or  solicitation of acceptances of a
Chapter 11 plan. Such an offer or  solicitation  will be made in compliance with
all applicable securities laws and provisions of the Bankruptcy Code.


<PAGE>

                                    SIGNATURE

            Pursuant to the requirements of the Securities Exchange Act of 1934,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                          WORLDTEX, INC.



Date:  March 19, 2001                     By /S/ MITCHELL R. SETZER
                                             ----------------------------
                                             Mitchell R. Setzer
                                             Treasurer and Secretary