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
Live From New York: Fashion Comes Across the Pond
Home & Textiles Today eDaily
Most Viewed Articles
See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more...