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WestPoint Stevens Terminates Recapitalization Plan

The Board of Directors of WestPoint Stevens Inc., West Point, Ga., has terminated its plan of recapitalization approved by the company in March 2000. Due to a significantly higher cost of debt financing, the principal new equity investor withdrew its investment commitment.

“I and the rest of our management team are optimistic about the company’s prospects for substantial sales and earnings growth over the next few years,” said Holcombe T. Green Jr., chairman and CEO, WestPoint Stevens. The Board also voted to cease the company’s exploration of strategic alternatives, which included a sale, merger or recapitalization, that the company announced in November 1999.

The Board declared the company’s regular dividend of $0.02 per share, as well as a special dividend of $2.00 per share, both payable on June 1, 2000, to stockholders of record on May 29, 2000. The Board also approved the resumption of WestPoint Stevens’ open market share repurchase program, with authorization to purchase up to 3.9 million company shares.

July 2000