SEC FORM 3

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SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

GABRIEL SAMIR M

(Last)

(First)

(Middle)

804 GREEN VALLEY ROAD

SUITE 300

(Street)

GREENSBORO

27408

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
10/20/2006

3. Issuer Name and Ticker or Trading Symbol
INTERNATIONAL TEXTILE GROUP INC [ SAFY ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	VP & Controller

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	10,853⁽¹⁾	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Option to Purchase Common Stock⁽²⁾	⁽³⁾	09/25/2015	Common Stock	9,403	$10.1	D

Explanation of Responses:

1. Shares issued pursuant to Issuer's Equity Incentive Plan and in connection with the merger (the "Merger") of ITG Holdings, Inc. (f/k/a International Textile Group, Inc.) ("Former ITG") and SCI Merger Sub, Inc., which was a wholly owned subsidiary of Issuer. Outstanding shares of Former ITG were converted into the right to receive shares of Issuer's common stock. Pursuant to the Merger, certain shares are held in escrow for a period of up to 18 months to satisfy potential claims for indemnification that may be made on behalf of the Issuer. All such shares placed in escrow that are not applied to satisfy any indemnification claims will be released to the record holder thereafter.

2. Shares issued pursuant to Issuer's Equity Incentive Plan and in connection with the Merger. Outstanding option shares of Former ITG were converted into the right to receive option shares of Issuer's common stock.

3. 5,171 shares granted pursuant to this stock option are currently vested. The remaining shares vest in equal annual installments on September 30, 2007, 2008 and 2009.

Remarks:

	/s/ Samir M. Gabriel	10/27/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.