Westpoint Stevens (NASDAQ:WSPT)
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WestPoint Stevens Receives Extension of Exclusive Period to File
a Plan of Reorganization
WEST POINT, Ga., Sept. 28 /PRNewswire-FirstCall/ -- WestPoint Stevens Inc.
(OTC:WSPT) (BULLETIN BOARD: WSPT) ( http://www.westpointstevens.com/ )
announced today that the U.S. Bankruptcy Court extended the Company's exclusive
right to file a plan of reorganization through December 1, 2004.
M.L. "Chip" Fontenot, President and CEO of WestPoint Stevens commented, "We
have completed our revised Business Plan and are in final negotiations with our
creditors regarding our exit from bankruptcy. We are hopeful this process will
be concluded in the first quarter of 2005."
Mr. Fontenot added, "Regarding our day to day operations, WestPoint Stevens is
maintaining excellent customer service levels and continues to enjoy ample
financial flexibility."
As previously announced, WestPoint Stevens Inc. and certain of its subsidiaries
filed for protection under 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.
WestPoint Stevens Inc. is the nation's premier home fashions consumer products
company, with a wide range of bed linens, towels, blankets, comforters and
accessories marketed under the well-known brand names GRAND PATRICIAN,
PATRICIAN, MARTEX, ATELIER MARTEX, BABY MARTEX, UTICA, STEVENS, LADY PEPPERELL,
SEDUCTION, VELLUX and CHATHAM - all registered trademarks owned by WestPoint
Stevens Inc. and its subsidiaries - and under licensed brands including RALPH
LAUREN HOME, DISNEY HOME and GLYNDA TURLEY. WestPoint Stevens can be found on
the World Wide Web at http://www.westpointstevens.com/ .
Safe Harbor Statement: Except for historical information contained herein,
certain matters set forth in this press release are "forward looking
statements" within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995. Such forward-looking statements involve certain risks and
uncertainties that could cause actual results to differ materially from those
in the forward-looking statements. Such risks and uncertainties may be
attributable to important factors that include but are not limited to the
following: Product margins may vary from those projected; Raw material prices
may vary from those assumed; Additional reserves may be required for bad debts,
returns, allowances, governmental compliance costs, or litigation; There may be
changes in the performance of financial markets or fluctuations in foreign
currency exchange rates; Unanticipated natural disasters could have a material
impact upon results of operations; There may be changes in the general economic
conditions that affect customer practices or consumer spending; Competition for
retail and wholesale customers, pricing and transportation of products may vary
from time to time due to seasonal variations or otherwise; Customer preferences
for our products can be affected by competition, or general market demand for
domestic or imported goods or the quantity, quality, price or delivery time of
such goods; There could be an unanticipated loss of a material customer or a
material license; The availability and price of raw materials could be affected
by weather, disease, energy costs or other factors; The future results of
operations may be adversely affected by factors relating to the Chapter 11
proceedings. The information contained in this release is as of September 28,
2004. WestPoint Stevens assumes no obligation to update publicly any
forward-looking statements, contained in this document as a result of new
information or future events or developments.
Contact: Lorraine D. Miller, CFA
Senior Vice President
Finance and External Communications
404.378.0491
DATASOURCE: WestPoint Stevens
CONTACT: Lorraine D. Miller, CFA, Senior Vice President, Finance and
External Communications, of WestPoint Stevens, +1-404-378-0491
Web site: http://www.westpointstevens.com/