WestPoint pushes back plan date
April 27, 2004-- Home Textiles Today,
WEST POINT, Ga. – WestPoint Stevens doesn't look likely to emerge from Chapter 11 bankruptcy by mid-year as previously believed. Today the company said that the bankruptcy court has extended the filing date for the supplier's plan of reorganization to July 29.
"While we are sensitive to the desire to exit bankruptcy as quickly as possible, it is more important to conclude this process with a sound strategic vision that will ensure WestPoint Stevens' long-term competitive position in a rapidly changing global market," said M.L. "Chip" Fontenot, president and CEO. "This additional time will allow the company to revise its business plan accordingly."
He added that the company "continues to enjoy ample financial flexibility."
WestPoint Stevens filed Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York on June 1, 2003.
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