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Court Rejects Ross Proposal To Acquire WestPoint Stevens

The US Bankruptcy Court has rejected a proposal by an investor group led by New York City-based WL Ross & Co. LLC to acquire the assets of West Point, Ga.-based WestPoint Stevens Inc. (See " WL Ross-Led Group Seeks To Acquire WestPoint Stevens ," April 2005). The group, which holds 51 percent of the first lien debt, also includes CP Capital Investments LLC, Contrarian Capital Management Inc. and Satellite Senior Income Fund LLC. Nine objections were filed against the proposal prior to the court hearing April 7. Objectors included first lien holder Aretex LLC, New York City, which is backed by financier Carl Icahn and holds 40 percent of first lien debt; second lien holders, which also include Aretex; and others. On April 22, the court approved accelerated bidding and notice procedures for an asset sale without a stalking horse bid. Bids must be submitted by June 10, and an auction is scheduled for June 21. The company anticipates its emergence from bankruptcy may be pushed back from a planned July 31 date until sometime in August.

May 2005