WPS gets extension on bankruptcy-emergence filing
Casual Living Staff -- Casual Living, August 2, 2004
WEST POINT, Ga. — Taking more time on the plan that will spell out what kind of company WestPoint Stevens will be when it emerges from bankruptcy, the textiles giant said a bankruptcy court has now given it until Oct. 1 to submit the plan.
It is the latest in a series of routine extensions the U.S. Bankruptcy Court for the Southern District of New York has given the company since it first filed for bankruptcy on June 1, 2003.
M.L. "Chip" Fontenot, president and CEO, said, "We are in the final stages of revising our business plan. 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."
In the meantime, Fontenot added, "WestPoint Stevens is maintaining excellent customer service levels and continues to enjoy ample financial flexibility."