Post-WPS, Ross scanning new textiles horizons
By Staff -- Home Textiles Today, 6/30/2005 12:57:00 PM
NEW YORK—Wilbur Ross is already moving on to other interests after Carl Icahn was declared the winner of the WestPoint Stevens bankruptcy auction Wednesday night.
“I wish him well,” Ross said, referring to Icahn’s success.
In a telephone interview this morning, Ross stated he would not appeal the extensive decision from U.S. District Judge Robert Drain that awarded the mill’s assets to Icahn for $703.5 million, including $187 million in cash. “In general, it’s very hard to overturn a bankruptcy court’s approval,” Ross said. “There may be a dissatisfied creditor who may decide to appeal it. My firm will not.”
Ross, who is already running Burlington and Cone Mills as part of his International Textile Group (ITG), said there are “plenty of other opportunities in textiles” to be explored. He declined to identify any by name or whether he’s been in discussions with any home textiles manufacturers. “It just wouldn’t be fair to the companies,” he said.
But even as the WestPoint battle began its four-day-long bankruptcy court hearing last Friday, his investment company, W.L. Ross & Co., was announcing it had signed an agreement to begin confidential discussions with Vinatex, a $757 million Vietnamese textiles and garment manufacturer.
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