OTC-Insolvenztitel vor der Rettung? WKN: 890979

Bid und Ask 0,006 zu 0,007. Schaut sehr gut aus heute  

Heute müßte es einen 100%ler geben ; ) vielleicht sogar darüber hinaus mehr ...

Gruß

C.O
 

TheDeal.com
Icahn, creditors get WestPoint win
Tuesday April 12, 6:00 am ET
By Terry Brennan
Carl Icahn has won a key victory in his battle against Wilbur Ross for bankrupt WestPoint Stevens Inc., but the renowned head of private equity firm WL Ross & Co. LLC isn't crying into one of the textile company's towels.

Ross rolled up a good portion of the U.S. steel industry with the help of acquisitions done under Section 363 of the federal Bankruptcy Code, but a Manhattan judge took the tactic away from him late last week.
Judge Robert Drain of U.S. Bankruptcy Court for the Southern District of New York in Manhattan sided with Icahn-backed Aretex LLC and WestPoint's creditors committee.
He ruled on April 7 that the sale of the West Point, Ga., maker of bed linens and towels should be conducted as a plan-of-reorganization sale and not a 363 auction so that creditors can have the chance to vote on the deal, said a participating attorney who attended the hearing.
As a result, the $687.5 million stalking-horse offer by the Ross group is uncertain as the parties go before Drain on Thursday, April 14, for a private status conference.
"We're having discussions among ourselves and with the company but have no comment right now," Ross said Monday.
Ross and a group of secured creditors made the buyout offer on March 1 but Icahn wasted little time positioning himself to make a rival one.
He bought a 40% stake in West Point's first-lien debt and unveiled on March 25 a rival bid fronted by Aretex for "an aggregate value of approximately $800 million," filings show.
It's the first time that the two revered value investors have ever squared off in a bankruptcy court-run auction.
The Ross group, which controls 53% of WestPoint's first-lien debt, wants to acquire the company for $480 million in secured debt plus $207.5 million in cash.
The holders of the $480 million in debt — Contrarian Capital Management Inc., Satellite Senior Income LLC and CP Capital Investments LLC — would essentially forgive it.
As for the cash portion, Ross has guaranteed putting up at least 20%, or more than $40 million, of it.
"It's not quite clear what [the debtor] is going to do yet," said the lawyer for the creditors committee, Lawrence Handelsman of Stroock & Stroock & Lavan LLP in New York.
The committee favors a plan-of-reorganization sale because they would be wiped out under a 363 auction, he said.
Under a POR sale, they can at least hope for a recovery, he added.
Icahn couldn't be reached for comment. Calls were made to Aretex's lawyers at Sonnenschein Nath & Rosenthal LLP and debtor counsel at Weil, Gotshal & Manges LLP, but they weren't returned.
Drain denied the combined $6 million breakup and expenses fee on grounds that it wasn't necessary to retain Ross' interest, the attorney said.
He then sided with creditors by calling for a plan of reorganization sale for WestPoint.
"Judge Drain also said in court that WestPoint would be able to confirm the sale under a plan by resorting to a cramdown, if necessary," said the attorney.
A cramdown takes place when a debtor gains approval of a reorganization plan against the wishes of one impaired, or voting, creditor class.
WestPoint first filed a reorganization plan on Jan. 20, but the Icahn-led group has repeatedly used its first-lien clout to block the plan from being voted on.
The case has been stalled as a result of the lack of creditor consensus for more than seven months, the attorney participating in the case said.
While Ross has been highly effective buying steel and coal companies, textile manufacturers have proved to be more challenging.
He has run into pension issues in his attempt to acquire textile maker Cone Mills Corp. out of bankruptcy. The deal has been stalled by a dispute in a $58.7 million suit filed by the Pension Benefit Guaranty Corp., a quasi-governmental agency that insures corporate pension funds.
But Ross has also overcome the odds as a bargain hunter in the textiles sector. He bested Warren Buffett for the right to acquire Burlington Industries Inc. out of Chapter 11 for $614 million after a judge ruled that Buffett's breakup fee was too large.
WestPoint cited competition from foreign textile makers in its June 1, 2003, petition.
Giuliani Capital Advisors LLC is WestPoint's financial adviser.
Neil Augustine in New York at Rothschild is shopping the assets as the M&A adviser to the debtor
— Shanon D. Murray contributed to this report



Gruß

C.O  

SEC Filings

8-K
WESTPOINT STEVENS INC filed this Form 8-K on 04/19/05
 << Previous Page | Next Page >>

 










UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K


CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934


Date of Report (Date of earliest event reported):  April 13, 2005


WESTPOINT STEVENS INC.
(Exact name of registrant as specified in its charter)



Delaware
  1-15381
  36-3498354







(State or other jurisdiction
of incorporation)
  (Commission File
Number)
  (IRS Employer
Identification No.)




507 West 10th Street, West Point, Georgia

31833





(Address of principal executive offices)
  (Zip Code)



Registrant's telephone number, including area code:  (706) 645-4000


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[  ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

   
[  ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

   
[  ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

   
[  ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




 


















Item 1.01
  Entry into a Material Definitive Agreement.

 
On April 13, 2005, the Registrant executed an amendment ("Seventh Amendment") to the debtor-in-possession financing agreement ("DIP Agreement") between WestPoint Stevens Inc. (the "Registrant"), certain of its subsidiaries and the financial institutions parties to the DIP Agreement.  A copy of the Seventh Amendment is filed as Exhibit 10.1 to this Current Report and is incorporated herein by reference.  The Seventh Amendment is subject to approval by the Bankruptcy Court and among other things:

-
amends the EBITDA and Minimum Availability covenants set forth in Sections 7.23 and 7.24, respectively;

-
extends the term of the DIP Agreement to the earliest to occur of: (a) December 2, 2005, or (b) the consummation of a sale, pursuant to Section 363 of the Bankruptcy Code or pursuant to a confirmed plan of reorganization or liquidation pursuant to Chapter 11 of the Bankruptcy Code, of all or a substantial portion of the assets of the Registrant or other Borrower under the DIP Agreement; and

-
amends the requirement that the Registrant furnish audited financial statements to the Administrative Agent by providing that unaudited financial statements may be provided that meet certain GAAP requirements.

 
 

Item 2.03
  Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 
The information contained in Item 1.01 hereof is incorporated by reference.

     




 
Item 9.01
Financial Statements and Exhibits.

     
(c)
Exhibits
 




 Exhibit No.
Description







     
 10.1
Seventh Amendment to Post-Petition Credit Agreement dated April 12, 2005, among WestPoint Stevens Inc. and certain of its subsidiaries, the financial institutions named therein and Bank of America, N.A. and Wachovia Bank, National Association.

 








SIGNATURE



Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.






   WESTPOINT STEVENS INC.


 
(Registrant)


 
 
 


 
 
 

Date:  April 19, 2005
  By:
/s/ Christopher N. Zodrow







 
 
Christopher N. Zodrow


 
 
Vice President and Secretary


 
 
 










EXHIBIT INDEX



Exhibit No.
  Description
 










10.1

Seventh Amendment to Post-Petition Credit Agreement dated April 12, 2005, among WestPoint Stevens Inc. and certain of its subsidiaries, the financial institutions named therein and Bank of America, N.A. and Wachovia Bank, National Association.



EXHIBIT 10.1


SEVENTH AMENDMENT TO POST-PETITION CREDIT AGREEMENT

         This SEVENTH AMENDMENT TO POST-PETITION CREDIT AGREEMENT, dated as of April 12, 2005 (this "Amendment"), is made among WESTPOINT STEVENS INC., a Delaware corporation and Chapter 11 debtor-in-possession ("WPS"), WESTPOINT STEVENS INC. I, a Delaware corporation and Chapter 11 debtor-in-possession ("WPSI"), J. P. STEVENS & CO., INC., a Delaware corporation and Chapter 11 debtor-in-possession ("JPS"), J. P. STEVENS ENTERPRISES, INC., a Delaware corporation and Chapter 11 debtor-in-possession ("JPSE"), and WESTPOINT STEVENS STORES INC., a Georgia corporation and Chapter 11 debtor-in-possession ("WPSS") (WPS, WPSI, JPS, JPSE and WPSS each is referred to hereinafter as a "Borrower" and collectively as the "Borrowers"), the financial institutions from time to time parties to the Credit Agreement (as hereinafter defined) (such financial institutions, together with their respective successors and assigns, are referred to hereinafter each individually as a "Lender" and collectively as the "Lenders"), and BANK OF AMERICA, N.A., in its capacity as administrative and collateral agent for the Lenders (together with its successors in such capacity, the "Administrative Agent").

Recitals:

         Borrowers, Lenders and Administrative Agent are parties to a certain Post-Petition Credit Agreement dated as of June 2, 2003, as amended by a First Amendment to Post-Petition Credit Agreement dated as of June 26, 2003, a Second Amendment to Post-Petition Credit Agreement, a Third Amendment to Post-Petition Credit Agreement and First Amendment to Security Agreement dated as of September 25, 2003, a Fourth Amendment to Post-Petition Credit Agreement dated as of May 21, 2004, an Amended and Restated Fifth Amendment to Post-Petition Credit Agreement dated as of July 2, 2004 and a Sixth Amendment to Post-Petition Credit Agreement dated as of November 19, 2004 (as so amended, the "Credit Agreement"), pursuant to which Lenders have made certain revolving credit loans to and issued various letters of credit for Borrowers.

         The parties desire to amend the Credit Agreement as hereinafter set forth.

         NOW, THEREFORE, for TEN DOLLARS ($10.00) in hand paid and other good and valuable consideration, the receipt and sufficiency of which are hereby severally acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

         1.          Definitions.  All capitalized terms used in this Amendment, unless otherwise defined herein, shall have the meaning ascribed to such terms in the Credit Agreement

   
         2.          Amendments to Credit Agreement.  The Credit Agreement is hereby amended as follows:

 

                      (a)        By deleting Section 3.2(b) from the Credit Agreement.

 

                      (b)        By deleting Section 5.2(a) from the Credit Agreement and by substituting the following in lieu thereof:








           (a)        As soon as available, but in any event not later than ninety-five (95) days after the close of each Fiscal Year, consolidated unaudited balance sheets, and income statements, cash flow statements and changes in stockholders' equity for the Borrowers and their consolidated Subsidiaries for such Fiscal Year, setting forth in each case in comparative form figures for the previous Fiscal Year, all in reasonable detail, fairly presenting the financial position and the results of operations of the Borrowers and their consolidated Subsidiaries as at the date thereof and for the Fiscal Year then ended, and prepared in accordance with GAAP (subject to the GAAP Exceptions). The Borrowers shall certify by a certificate signed by the chief financial officer, treasurer or controller of WPS that all such statements have been prepared in accordance with GAAP (subject to the GAAP Exceptions) and present fairly the Borrowers' financial position as at the dates thereof and their results of operations for the periods then ended.
 
 

                      (c)        By deleting Section 5.2(d) from the Credit Agreement and by substituting the following in lieu thereof:

     
             (d)     Reserved.
 
 
                      (d)        By deleting the word "audited" where found in Sections 5.1, 5.2(b), 5.2(c) and 5.2(e) of the Credit Agreement and by substituting in lieu thereof the word "unaudited."

 
                      (e)        By deleting the second sentence of Section 5.2(e) of the Credit Agreement, which reads:

     
 With each of the annual audited Financial Statements delivered pursuant to Section 5.2(a), and within fifty (50) days after the end of any Fiscal Month that is the last Fiscal Month of a Fiscal Quarter, the certification of the Financial Statements required of the chief financial officer or the chief executive officer of WPS pursuant to the Sarbanes-Oxley Act.
 
 
                      (f)        By deleting the first sentence of Section 7.9 of the Credit Agreement and by substituting the following sentence in lieu thereof:

 
          7.9     Mergers, Consolidations or Sales. None of the Borrowers nor any of their Subsidiaries shall enter into any transaction of merger, reorganization, or consolidation, or wind up, liquidate or dissolve, or transfer, sell, assign, lease, or otherwise dispose of all or any part of its property, or agree to do any of the foregoing, except (i) sales of Inventory in the Ordinary Course of Business of a Borrower (subject, in the case of a sale to a Foreign Subsidiary, to the limitations contained in Section 7.15), (ii) sales or other dispositions by a Borrower of Equipment that is obsolete or no longer useable by such Borrower in its business with an orderly liquidation value not to exceed, in the aggregate, $1,000,000 in any Fiscal Year, (iii) Permitted Asset Dispositions, and (iv) an Acceptable Sale.
 


- 2 -






                      (g)        By deleting Sections 7.23 and 7.24 in their entirety from the Credit Agreement and by substituting in lieu thereof the following new Sections 7.23 and 7.24:

 
          7.23      EBITDA.  Borrowers and their Subsidiaries, on a consolidated basis, shall achieve EBITDA of not less than $70,000,000 for the period of 12 consecutive Fiscal Months ending on the last day of each Fiscal Month.
 
     
          7.24      Minimum Availability.  Borrowers and their Subsidiaries, on a consolidated basis, shall maintain Availability of not less than $60,000,000 at all times.
 
 
                      (h)        By deleting the definition of "DIP Term" from Annex A to the Credit Agreement and by substituting in lieu thereof the following:

 
          "DIP Term" means a period commencing on the date of entry of the Interim Financing Order and ending on the earliest to occur of: (a) December 2, 2005, or (b) the consummation of a sale, pursuant to Section 363 of the Bankruptcy Code or pursuant to a confirmed plan of reorganization or liquidation pursuant to Chapter 11 of the Bankruptcy Code, of all or a substantial portion of the assets of any Borrower (not to include sales conducted pursuant to the De Minimis Asset Sale Order), including, without limitation, an Acceptable Sale.
 
     
                      (i)        By adding the following new definitions of "Acceptable Sale" and "GAAP Exceptions" to Annex A to the Credit Agreement in appropriate alphabetical order:

     
          "Acceptable Sale" means the sale of all or substantially all of the Borrowers' assets pursuant to Section 363 of the Bankruptcy Code, or pursuant to a plan of reorganization or liquidation pursuant to Chapter 11 of the Bankruptcy Code which (i) results, simultaneously with and as a condition to the consummation of such sale, in (A) Full Payment of the Obligations (including, without limitation, the provision for repayment of any returned checks or other payment items that are dishonored after being credited to the Obligations), (B) termination of the DIP Facility, and (C) termination of all Bank Products and the provision for repayment of any liabilities of Borrowers arising in connection therewith, or (ii) is otherwise acceptable to Administrative Agent and each Lender in their sole and absolute discretion.
 
     
          "GAAP Exceptions" means, with respect to any Borrower, (i) the failure by such Borrower to restate its balance sheet tax contingency reserves and income statement tax provisions for its Fiscal Years 2000-2004, and the related financial statement adjustments, and (ii) the failure by such Borrower to shift its basis of accounting from a going concern basis to a liquidation basis for any Fiscal Year, in each case, as more particularly described in the letter from Borrowers to Administrative Agent dated March 4, 2005.
 


- 3 -






                      (j)        By deleting from Annex A to the Credit Agreement the definitions of "Renewal Notice" and "Renewal Period."

 
                      (k)        By adding a new subparagraph (i) to the "Interpretive Provisions" at the end of Annex A to the Credit Agreement, as follows:

 
          (i)        As of April 1, 2005, the phrase "in accordance with GAAP" and similar phrases in the Credit Agreement and the other DIP Financing Documents shall be interpreted to mean "in accordance with GAAP (subject to the GAAP Exceptions)".
 
 
         3.        Ratification and Reaffirmation.  Borrowers hereby ratify and reaffirm the Obligations, each of the DIP Financing Documents and all of Borrowers' covenants, duties, indebtedness and liabilities under the DIP Financing Documents.

 
         4.          Representations and Warranties.  Borrowers represent and warrant to Administrative Agent and Lenders, to induce Administrative Agent and Lenders to enter into this Amendment, that the execution, delivery and performance of this Amendment have been duly authorized by all requisite corporate action on the part of Borrowers; and this Amendment has been duly executed and delivered by Borrowers; and all of the representations and warranties made by Borrowers in the Credit Agreement are true and correct in all material respects on and as of the date hereof.

 
         5.          Amendment Fee; Expenses of Administrative Agent.  In consideration of the Administrative Agent's and the Lenders' willingness to enter into this Amendment and modify the terms of the Loan Agreement as set forth herein, Borrowers jointly and severally agree to pay to the Administrative Agent, for the account of the Lenders, in accordance with their respective Pro Rata Shares, an amendment fee in the amount of $150,000 in immediately available funds on the date of entry by the Court of an order approving the terms of this Amendment, which fee is earned on the date hereof and is not subject to refund or rebate of any kind whatsoever. Additionally, the Borrowers jointly and severally agree to pay, on demand, all costs and expenses incurred by the Administrative Agent in connection with the preparation, negotiation, execution and effectiveness of this Amendment and any other documents or instruments executed pursuant hereto and any and all amendments, modifications, and supplements thereto, including, without limitation, the reasonable costs and fees of the Administrative Agent's legal counsel and any taxes or expenses associated with or incurred in connection with any instrument or agreement referred to herein or contemplated hereby.

 
         6.          Effectiveness.  This Amendment shall become effective as of the date first written above upon entry by the Court of an order approving the terms of this Amendment and upon receipt by the Administrative Agent of (a) the amendment fee described in Section 5 hereof, and (b) the following documents, each of which shall be in form and substance satisfactory to the Administrative Agent and the Majority Lenders:

 

                      (i)        at least 12 original counterparts of this Amendment, duly executed and delivered by the Borrowers, each of the Lenders and the Administrative Agent; and

 


- 4 -








                      (ii)        a copy of each Borrower's resolutions, certified as true and complete by the corporate secretary or assistant secretary of such Borrower, which resolutions shall authorize such Borrower's execution, delivery and performance of its obligations under this Amendment and each amendment to the Credit Agreement heretofore executed and delivered by the Borrowers.

 
         7.          Governing Law.  This Amendment shall be governed by and construed in accordance with the internal laws of the State of New York.

 
         8.          Court Approval. Each of the parties hereby agrees to pursue diligently and promptly Court approval of this Amendment.

 
         9.          No Novation, etc. Except as otherwise expressly provided in this Amendment, nothing herein shall be deemed to amend or modify any provision of the Credit Agreement or any of the other DIP Financing Documents, each of which shall remain in full force and effect. This Amendment is not intended to be, nor shall it be construed to create, a novation or accord and satisfaction.

 
        10.         Counterparts; Telecopied Signatures. This Amendment may be executed in any number of counterparts and by different parties to this Amendment on separate counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute one and the same agreement. Any signature delivered by a party by facsimile transmission shall be deemed to be an original signature hereto.

 




[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]










- 5 -








         IN WITNESS WHEREOF, the parties have entered into this Amendment on the date first above written.




 BORROWERS:


WESTPOINT STEVENS INC.
WESTPOINT STEVENS INC. I
J.P. STEVENS & CO., INC.
J.P. STEVENS ENTERPRISES, INC.
WESTPOINT STEVENS STORES INC.

By:  /s/ Thomas M. Lane





       Name:  Thomas M. Lane
     Title:  Senior Vice President and Treasurer of WestPoint Stevens Inc., and Vice President and Treasurer of WestPoint Stevens Inc. I, J.P. Stevens & Co., Inc., J.P. Stevens Enterprises, Inc. and WestPoint Stevens Stores Inc.












 ADMINISTRATIVE AGENT:

Bank of America, N.A.,
as Administrative Agent

By:  /s/ Sherry Lail





       Name:  Sherry Lail
     Title:  Senior Vice President

   











   
 LENDERS:

Bank of America, N.A.

By:  /s/ Sherry Lail





       Name:  Sherry Lail
     Title:  Senior Vice President

   











   
 WEBSTER BUSINESS CREDIT
CORPORATION (f/k/a Whitehall Business
Credit Corporation)

By:  /s/ Alan F. McKay





       Name:  Alan F. McKay
     Title:  Vice President











   
 PNC BANK, NATIONAL ASSOCIATION

By:  /s/ Scott Goldstein





       Name:  Scott Goldstein
     Title:  Vice President










 WELLS FARGO FOOTHILL, LLC

By: /s/ Donna Arenson





        Name:  Donna Arenson
      Title:  Assistant Vice President












   



THE CIT GROUP/COMMERCIAL
SERVICES, INC.

By:  /s/ William H. Skidmore





        Name:  William H. Skidmore
      Title:  Vice President












   
 GENERAL ELECTRIC CAPITAL
CORPORATION

By:  /s/ W. Jerome McDermott





        Name:  W. Jerome McDermott
      Title:  Duly Authorized Signatory












   
 AMSOUTH BANK

By:  /s/ Frank D. Marsicano





        Name:  Frank D. Marsicano
      Title:  Attorney-in-Fact

   


 

sagen? man bekommt ja den Eindruck,du weisst nicht worum es hier geht bei deinen ellenlangen Copies  Verkaufsdatum ist 10.Juni !
April 22, 2005 Westpoint Stevens Inc.announced today that the U.S. Bankruptcy Court approved modified bidding and notice procedures for the sale of substantially all of the Company's assets. As a result of the ruling of the U.S. Bankruptcy Court on April 7, 2005, with respect to proposed bidding procedures, the previously announced asset purchase agreement with a group of investors consisting of WL Ross & Co. LLC and holders of a majority of the Company's Senior Credit Facility was terminated. The sale process will now be conducted without a stalking horse bid.A deadline of 12:00 noon Eastern Time on June 10, 2005 has been established for the submission of bids  

Westpoint St. hat nun die gerichtliche Erlaubnis für ein beschleunigtes Bietverfahren. Was das bedeutet dürfte jedem klar sein.

Anscheinend weil die Verhandlungen mit Ross & Co. abgebrochen wurden:(...purchase agreement with a group of investors consisting of WL Ross & Co. LLC and holders of a majority of the Company's Senior Credit Facility was terminated...)

Die Deadline ist 12:00 Uhr 10.06.2005. Bis dahin müssen alle Gebote vorliegen.

Wenn sich lediglich 2 Bieter melden gibts für den Aktienkurs kein halten mehr.

Alleine diese nachbörsliche Meldung dürfte für Furore am Montag sorgen.  

Diese Woche wirds hoffentlich knallen. Die Nachrichten dazu hätten wir.  

Der Flug kann beginnen..  

die Frist für die Investoren/Bieter läuft am 10.06.05/12:00 ab.
Der Reorganisationsplan sollte in naher Zukunft umgesetzt sein,
die Umwandlung der Aktien von WSPTV in WSPQE ist erfolgt.
Die Frage ist jetzt welchen Wert werden die Dinger haben, und das ist vom Investor abhängig der den Bieterwettstreit am Freitag gewinnen wird.
Wenn ich die 8K-Filings richtig lese schreibt Westpoint zur Zeit bis auf 1 oder 2 Bereiche schwarze Zahlen.
Bei einem Standort gibt es sogar Stellenausschreibungen.

schaun ´mer mal
ev  

geht es heute ab??  

kannst hier auch ein paar Euronen dazu verdienen, mit kleinem Einsatz viel rausschöpfen ; )

Gruß

C.O  

was habt ihr denn für nen kürzel für dieses baby?
finde nichts...  

http://finance.yahoo.com/q?s=WSPTQ.PK


Gruß

C.O  

aber vielen dank!!
mein RT spinnt heute. hast du kurse??  

die Bewerbung der BIETER Leute!!!
Also vor dem 13. passiert hier wohl nix, wenn sie denn überhaupt handelbar ist !!

WKN: 890979
OTC: WSPQE

so long
ev  

gespannt und auf die Neubewertung warte Ich ungeduldig ab...

Neubewertung oder Barabfindung ???

Gruß

C.O  

Hat einer nachgelesen ??

Was gibt es neues ??

Gibt es bereits Anbieter ???
--------------------------------------------------

10-Jun-2005

Regulation FD Disclosure, Financial Statements and Exhibits
 

On June 10, 2005, pursuant to the terms of the Company's Key Employee Retention and Severance Program and authorization of the Compensation Committee of its Board of Directors, the Company deposited discretionary funds into an escrow account in accordance with the terms of the Company's Key Employee Retention and Severance Program, as approved and extended by the Bankruptcy Court on October 23, 2003, and August 23, 2004, respectively.  The awards were granted to Messrs. M.L. "Chip" Fontenot, the Company's Chief Executive Officer and Lester D. Sears, the Company's Chief Financial Officer in the gross amount of $97,542 each.  Payment of the funds from the escrow account is contingent upon the confirmation of a plan by the Bankruptcy Court.  

http://phx.corporate-ir.net/...BhZ2U9MzUzODc1NyZkb2M9MCZhdHRhY2g9b24=


Gruß

C.O  

Icahn company wins battle for WestPoint Stevens
Fri Jun 24, 2005 01:41 PM ET
NEW YORK, June 24 (Reuters) - American Real Estate Partners LP (ACP.N: Quote, Profile, Research) , which is controlled by investor Carl Icahn, agreed to acquire bankrupt textile maker WestPoint Stevens Inc. (WSPTQ.OB: Quote, Profile, Research) for about $703 million, beating out other bidders in a bankruptcy court auction, WestPoint said on Friday.
The purchase, which requires final approval by the U.S. Bankruptcy Court for the Southern District of New York, would break up an earlier agreement for WestPoint to be sold to W.L. Ross & Co., a $2.5 billion buyout firm headed by "vulture" investor Wilbur Ross.

Icahn, a billionaire investor with holdings in telecom, gaming, oil and entertainment companies, previously built up a large stake in the debt of West Point, Georgia-based WestPoint, whose linens and towels are sold under the Polo Ralph Lauren, Disney Enterprises and Martha Stewart brands. Icahn holds 84.4 percent of American Real Estate Partners.

Early this year, Ross agreed to buy control of WestPoint in a deal that valued the company at $642.5 million in a move to add to his textile company holdings, which included Burlington Industries and Cone Mills, both of which were operating under bankruptcy protection.

But Icahn expressed dissatisfaction with the WestPoint offer and challenged it.

Icahn and Ross could not be reached for comment.


© Reuters 2005. All Rights Reserved.

 

 

WSPTQ: Sale to American Real Estate Partners Approved by Court



WestPoint Stevens Inc. (WSPTQ) and American Real Estate Partners, L.P. (ACP) (“AREP”) announced that the U.S. Bankruptcy Court has approved the sale of substantially all of WestPoint's assets to an indirect subsidiary of AREP, which is controlled by Carl C. Icahn. The AREP offer was the highest and best bid received in connection with the sale process approved by the Court in its reorganization proceedings for WestPoint.

The terms of the agreement valued at $703.5M, include the purchase of substantially all of the assets of WestPoint, the repayment of WestPoint's outstanding debtor-in-possession loans and assumption of certain working capital liabilities, the satisfaction of other secured claims, and the payment of $3M for wind-down costs. The agreement also provides for the issuance on account of the first lien debt of 35.0% of the equity in WS Textile Co. Inc., a newly formed company that will own indirectly the assets of WestPoint, a $125M rights offering for 47.5% of the equity of WS Textile Co., Inc., and a cash investment of $187M by AREP for 17.5% of the equity of WS Textile Co., Inc. By virtue of its position as a holder of WestPoint debt, AREP has agreed to subscribe to its portion of the rights expected to represent equity interests of not less than 19% of WS Textile Co., Inc. and has agreed to subscribe for any unexercised rights shares. As a result, it is expected that AREP will own in excess of 50% of the outstanding shares of WS Textile Co., Inc and may own up to 79%, to the extent the subscription rights are not exercised. A closing date for the proposed sale has yet to be announced. 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.
 

WestPoint Stevens Sale to American Real Estate Partners Approved by Court



WEST POINT, Ga., and MOUNT KISCO, N.Y., June 30 /PRNewswire-FirstCall/ -- WestPoint Stevens Inc. (Pink Sheet: WSPTQ.PK) ("WestPoint") and American Real Estate Partners, L.P. (NYSE: ACP) ("AREP") announced today that the U.S. Bankruptcy Court has approved the sale of substantially all of WestPoint's assets to an indirect subsidiary of AREP, which is controlled by Carl C. Icahn. The AREP offer was the highest and best bid received in connection with the sale process approved by the Court in its reorganization proceedings for WestPoint.

The terms of the agreement valued at $703.5 million, include the purchase of substantially all of the assets of WestPoint, the repayment of WestPoint's outstanding debtor-in-possession loans and assumption of certain working capital liabilities, the satisfaction of other secured claims, and the payment of $3 million for wind-down costs. The agreement also provides for the issuance on account of the first lien debt of 35.0% of the equity in WS Textile Co. Inc., a newly formed company that will own indirectly the assets of WestPoint, a $125 million rights offering for 47.5% of the equity of WS Textile Co., Inc., and a cash investment of $187 million by AREP for 17.5% of the equity of WS Textile Co., Inc. By virtue of its position as a holder of WestPoint debt, AREP has agreed to subscribe to its portion of the rights expected to represent equity interests of not less than 19% of WS Textile Co., Inc. and has agreed to subscribe for any unexercised rights shares. As a result, it is expected that AREP will own in excess of 50% of the outstanding shares of WS Textile Co., Inc and may own up to 79%, to the extent the subscription rights are not exercised. A closing date for the proposed sale has yet to be announced. 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 owned by WestPoint Stevens Inc. and its subsidiaries - and under licensed brands including CHARISMA, RALPH LAUREN HOME, DISNEY HOME and GLYNDA TURLEY. WestPoint Stevens can be found on the World Wide Web at http://www.westpointstevens.com.

AREP, is a master limited partnership engaged in a variety of businesses including oil and gas exploration and production; casino gaming and associated hotel, restaurant and entertainment operations; real estate activities including commercial rentals, residential development and associated resort activities; and investments in equity and debt securities. AREP's seeks to continue to grow and enhance the value of its core businesses and to acquire undervalued assets and companies that are distressed or in out-of-favor industries.

This shall not constitute an offer of any securities for sale, which offer may be made only pursuant to a registration statement filed with the Securities and Exchange Commission pursuant to the Securities Act of 1933 or an exemption therefrom. This shall not constitute an offer to sell or the solicitation of an offer to buy securities in any State in which such offer or solicitation would be unlawful prior to registration or qualification under the securities law of any such State.

AREP Safe Harbor Statement: This release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, many of which are beyond our ability to control or predict. Forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of AREP and its subsidiaries. Among these risks and uncertainties are changes in risks related to our oil and gas exploration and production operations, including costs of drilling, completing and operating wells and the effects of regulation, risks related to our casino gaming and associated hotel, restaurant and entertainment operations, including the effects of regulation, substantial competition, rising operating costs and economic downturns, risks related to our real estate activities including the extent of any tenant bankruptcies and insolvencies, our ability to maintain tenant occupancy at current levels, our ability to obtain, at reasonable costs, adequate insurance coverage, competition for investment properties, and other risks and uncertainties detailed from time to time in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise.

WestPoint 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 information contained in this release is as of June 30, 2005. WestPoint Stevens assumes no obligation to update any forward-looking statements contained in this document as a result of new information or future events or developments.

SOURCE  American Real Estate Partners, L.P.
   -0-                             06/30/2005
   /CONTACT:  Lorraine D. Miller, CFA, Senior Vice President, Finance and
External Communications of WestPoint Stevens Inc., +1-404-378-0491; John P.
Saldarelli of American Property Investors Inc., Chief Financial Officer,
Secretary and Treasurer, +1-914-242-7700 /
   /Web site:  http://www.westpointstevens.com /
   (ACP WSPTQ)

CO:  American Real Estate Partners, L.P.; WestPoint Stevens Inc.
ST:  Georgia, New York
IN:  RLT HOU OTC
SU:  TNM LAW BCY

LH
-- NYTH069 --
7419 06/30/200508:52 EDThttp://www.prnewswire.com


Gruß

C.O
 

WestPoint Stevens Sale to American Real Estate Partners Completed
Monday August 8, 10:13 pm ET  
Newly Created WestPoint International, Inc. Will Benefit from Strong Capital Structure


MOUNT KISCO, N.Y. and WEST POINT, Ga., Aug. 8 /PRNewswire-FirstCall/ -- American Real Estate Partners, L.P. (NYSE: ACP - News; "AREP") and WestPoint Stevens Inc. (Pink Sheet: WSPTQ.PK) ("WestPoint Stevens" or the "Company") announced today that WestPoint Stevens has completed the sale of substantially all of the Company's assets to WestPoint International, Inc., a newly created entity a majority of the voting securities of which will be owned by AREP. AREP, which is affiliated with Carl C. Icahn, is engaged in core businesses that include oil & gas, gaming and real estate. As the result of its stock ownership, AREP will be able to elect the entire board of directors of WestPoint International.
ADVERTISEMENT


The terms of the sale, valued at $703.5 million, provide for the issuance of stock in WestPoint International, Inc. that will own all of the purchased assets of WestPoint Stevens Inc. through its indirect subsidiary, WestPoint Home, Inc., which will be the primary operating entity of the new company. In accordance with the terms of the purchase agreement, WestPoint Home, Inc. will pay current trade payables to WestPoint Stevens' vendors in the ordinary course.

The holders of the Company's first lien debt will receive 35% of the common stock of WestPoint International, Inc. As the holder of 40% of the Company's first lien debt, a subsidiary of AREP will acquire approximately 14% of the common stock of WestPoint International, Inc. Pursuant to the sale agreement, the holders of WestPoint Stevens' first and second lien debt will be given rights to subscribe for additional shares of common stock representing 47.5% of the common stock of WestPoint International, Inc. A subsidiary of AREP has agreed to subscribe to its portion of the rights and will thereby acquire not less than an additional 19% of the common stock of WestPoint International, Inc. at a cost of approximately $50 million. AREP has also agreed to subscribe for any unexercised rights and may acquire up to an additional 27% of the common stock of WestPoint International, Inc. at a cost of approximately $75 million if other first and second lien holders exercise none of the rights. Finally, a subsidiary of AREP made an investment of $187 million in exchange for 17.5% of the common stock of WestPoint International, Inc. Accordingly, AREP will own up to 79% of the equity of WestPoint International, Inc., an amount that may reduce to 51% in the event that the other recipients of the subscription rights exercise all of their rights.

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

Carl C. Icahn, Chairman of the Board of AREP's general partner stated, "We believe that the home textiles industry remains a large and profitable market in which WestPoint can create sustainable competitive advantage. WestPoint's assets -- built over decades of investment -- are substantial, including its manufacturing expertise, capital assets, personnel, brands, distribution skills, and customer relationships. While others worry about the challenges faced by industries in change, we see these challenges as presenting the opportunity for the emergence of a well-capitalized, industry-leading player, especially with a meaningful infusion of capital from AREP."

M.L. "Chip" Fontenot, President and CEO of WestPoint Stevens commented, "AREP's investment is an important milestone in WestPoint's transition toward becoming a more global player in the home textiles industry. New capital invested in our business will give us the freedom and financial resources to focus with renewed vigor on growth and the next stage of our transformation."

American Real Estate Partners, L.P., a master limited partnership, is a diversified holding company engaged in a variety of businesses. AREP's businesses currently include gaming; oil & gas exploration and production; and real estate.

WestPoint International 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 International Inc. and its subsidiaries -- and under licensed brands including CHARISMA, RALPH LAUREN HOME, DISNEY HOME and GLYNDA TURLEY.

This shall not constitute an offer of any securities for sale, which offer may be made only pursuant to a registration statement filed with the Securities and Exchange Commission pursuant to the Securities Act of 1933 or an exemption therefrom. This shall not constitute an offer to sell or the solicitation of an offer to buy securities in any State in which such offer or solicitation would be unlawful prior to registration or qualification under the securities law of any such State.

AREP Safe Harbor Statement: This release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, many of which are beyond our ability to control or predict. Forward- looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "will" or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of AREP and its subsidiaries. Among these risks and uncertainties are changes in risks related to our oil and gas exploration and production operations, including costs of drilling, completing and operating wells and the effects of regulation, risks related to our casino gaming and associated hotel, restaurant and entertainment operations, including the effects of regulation, substantial competition, rising operating costs and economic downturns, risks related to our real estate activities including the extent of any tenant bankruptcies and insolvencies, our ability to maintain tenant occupancy at current levels, our ability to obtain, at reasonable costs, adequate insurance coverage, competition for investment properties, and other risks and uncertainties detailed from time to time in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking information, whether as a result of new information, future developments or otherwise.

WestPoint Stevens 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 information contained in this release is as of August 8, 2005. WestPoint Stevens assumes no obligation to update any forward-looking statements contained in this document as a result of new information or future events or developments.


 

Wo kommt denn der Handel in USA her??
Eigentlich gibt es doch nur noch den Aktienmantel.
Der Laden wurde abgewickelt und die freien Aktionäre sind natürlich leer ausgegangen.
Ich habe mal grob bei Google nachgesehen, habe aber nichts gefunden.
Vieleicht hat ja einer von Euch irgenteine Quelle.