WestPoint Gets Second Life From White Knight

Hogsett, Don
March 2005
Home Textiles Today;3/7/2005, Vol. 26 Issue 26, p1
Trade Publication
The article reports that investor Wilbur Ross has cut a deal to buy bankrupt textiles producer WestPoint Stevens Inc. The move ensures the continued survival of the largest towel producer of the U.S. and positions it to emerge as a debt-free and newly competitive force in the textile industry. The deal, valued at roughly $687.5 million, puts an end to months of squabbling among WestPoint's various creditors. Under the terms of the deal, an investment group led by Ross will buy substantially all of the assets of WestPoint Stevens, putting in $480 million to pay down secured debt, and raising another $207.5 million through a rights offering. INSET: Wilbur Who?.


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