B of A, Wachovia Provide DIP Line For Textile Co.

  • 08 Jun 2003
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Bank of America and Wachovia Securities are leading the $300 million debtor-in-possession financing for bankrupt WestPoint Stevens, a maker of sheets, pillow cases and towels, including Martha Stewart products for Kmart. WestPoint filed for bankruptcy last week in order to significantly reduce debt, return to profitability and enable it to compete more effectively for the long term, according to a company statement. The one-year DIP line is priced at LIBOR plus 23/4%. A date for syndication could not be determined. A banker at Wachovia did not return calls by press time, and a B of A banker declined comment.

WestPoint reached an agreement in principle with the holders of a majority of its unsecured debt, whereby the current chief executive, Holcombe Green, Jr., has agreed to resign and additional independent members will be added to the company's board of directors. Reportedly, hedge fund ESL Investments, run by Edward Lampert, is a major bondholder in WestPoint. This is the second time WestPoint has been in bankruptcy. The company emerged from Chapter 11 in 1992.

  • 08 Jun 2003

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