WPS lowers loss 66 percent
August 10, 2004,
WestPoint, Ga. — Putting behind it a $46.3 million one-time charge that dogged the bottom line a year ago, WestPoint Stevens, working its way through Chapter 11, narrowed its second-quarter loss 66.7 percent, to $24 million from $72 million last year.
More than 70 percent of the quarter's loss, a total of $17.4 million stems from various bankruptcy-related items, including $8.4 million in lawyer's fees and other bankruptcy costs and $9 million in various restructuring charges.
M.L. "Chip" Fontenot, CEO, said the major mill is pushing ahead with its plans to emerge from bankruptcy. "The company is in the final stages of revising its business plan" and continues to negotiate new terms for a final plan of reorganization with its various creditor groups, he said.
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