WestPoint Stevens seeks 75-day extension to exclusive period

New York, Nov. 19 - WestPoint Stevens Inc. asked for a "short" 75-day extension to its exclusive right to file a plan of reorganization and to solicit votes.

The West Point, Ga., textile manufacturer said it needs the additional time to negotiate and finalize its reorganization plan.

If the request is granted, WestPoint's exclusive right to file a plan would expire on Feb. 15, 2005, and its exclusive right to solicit votes would expire on April 18, 2005. The current expiry dates are Dec. 1, 2004 and Jan. 30, 2005 respectively.

At the last extension, WestPoint had wanted an additional 90 days, but the court cut it to 60 days at the request of the first-lien lenders.

It also agreed to a series of milestones for progress. Under those deadlines, the company is required to file a draft plan by Nov. 20 and a draft disclosure statement by Nov. 30, with each date having a 10-day grace period.

As a result, the current exclusivity will expire with only a draft plan circulated, WestPoint said in a filing with the U.S. Bankruptcy Court for the Southern District of New York.

A hearing on the extension is set for Dec. 3.

WestPoint Stevens filed for bankruptcy on June 1, 2003. Its Chapter 11 case number is 03-13532.

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