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WPS 10-K delay expected

WEST POINT, Ga. — WestPoint Stevens will not file its annual report on Form 10-K for the fiscal year ended Dec. 31, 2004, by the March 16 due date, as a result of its recently announced agreement to sell substantially all of its assets to an investor group, the company stated.

Because of the proposed transaction, the basis upon which WestPoint Stevens' financial statements are required to be prepared is subject to change, according to the company.

The company stated that it anticipates lenders will grant a waiver concerning its financial reporting requirements.