Judge OKs WPS auction process
April 22, 2005,
NEW YORK — WestPoint Stevens cleared a final hurdle and headed toward the finish line earlier today after a U.S. Bankruptcy Court judge approved a set of bidding procedures that will lead to the sale of the company in just nine weeks, and its exit from a protracted bankruptcy some time in August.
The date for the auction remains in place for June 21, with WestPoint deciding shortly after who has won the company — Icahn, Ross or a dark horse candidate yet to emerge. Judge Drain commented during the hearing, "There is a distinct possibility that a third party might come in."
A hearing in Drain's court is set for three days later, June 24, to confirm the auction process and the winner. Weeks later, some time in August, the company is expected to emerge from Chapter 11, virtually free of debt.
Related Content By Author
1200 Suppliers are Ready for You at Intertextile Shanghai
Home & Textiles Today eDaily
Most Viewed Articles
See the August 2017 issue of Home & Textiles Today. In this issue, we look at the Top 50 Retailing Giants Report, plus Manufacturing: Made in the USA gaining ground; International: Portugal ramping up exports; New products: NY Now home textiles introductions; Outlook: Commentary from H&TT's editors; and Planning: Trade show calendar.