US Bankruptcy Court approves sale of WestPoint's assets to indirect subsidiary of AREP

01 Jul '05

4 min read

The closing of the sale is subject to customary and other deal-specific conditions and will be reflected in an order of the U.S. Bankruptcy Court authorizing the transaction, which is expected to be entered next week.

Following the sale, WestPoint will wind down its estate, and as a result, all shares of its common stock would be cancelled with no payment.

Carl C. Icahn, Chairman of the Board of AREP's general partner reported "We are pleased with the outcome of this process and with WestPoint. We look forward to continuing to earn the trust of WestPoint's customers, employees and vendors."

M.L. "Chip" Fontenot, President and CEO of WestPoint Stevens commented, "Court approval of the sale agreement for WestPoint Stevens brings us closer to the successful conclusion of our reorganization process. Going forward, we will seek to take advantage of global opportunities."

Mr. Fontenot added, "I would like to thank our customers for their support during this very difficult process. In addition, we are extremely grateful for the support of our employees, vendors and communities."

WestPoint Stevens Inc is a leading 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 ownes, 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 CHARISMA, RALPH LAUREN HOME, DISNEY HOME and GLYNDA TURLEY.

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