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WestPoint Stevens To Restructure

WestPoint Stevens To RestructureWestPoint Stevens Inc., West Point, Ga., has reached an agreement in principle with the holders of the majority of its unsecured debt on terms under which it will restructure its finances through a Chapter 11 filing with the US Bankruptcy Court for the Southern District of New York. Under the Chapter 11 process, the company expects to significantly reduce debt, restore profitability and improve its long-term competitiveness.The agreement calls for the resignation of Holcombe T. Green Jr. as CEO and the appointment of President and COO M.L. Chip Fontenot as interim CEO. Also under the agreement, all current common stock will be extinguished.The company has received commitments for up to $300 million in debtor-in-possession financing from a group of banks including Bank of America and Wachovia. The funding, combined with normal cash flow, will enable normal operations to continue during the restructuring. July 2003




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