WPS Gets Bankruptcy Emergence Extension

By Staff -- Home Textiles Today, 12/13/2004 12:00:00 AM

West Point, Ga. —

Seeing some light at the end of the tunnel, and approaching the final stages of negotiations with its creditors, WestPoint Stevens has received from a U.S. Bankruptcy Court a further extension of its exclusive right to come up with a plan of reorganization that will allow it to emerge from Chapter 11. The new date is Jan. 20, 2005.

M.L. “Chip” Fontenot, WestPoint CEO, said, “We are nearing the final stage of negotiations with our creditors regarding our exit from bankruptcy. We continue to be hopeful this process will be concluded in the first quarter of 2005.”

In the meantime, Fontenot said, “WestPoint Stevens is maintaining excellent customer service levels and continues to enjoy ample financial flexibility.”

WestPoint filed for bankruptcy protection from its creditors on June 1, 2003.