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Article: WestPoint Stevens Inc. Terminates Recapitalization Plan; Declares Special Dividend; And Hires Senior Vice President - Investor Relations.
- Article from:
- PR Newswire
- Article date:
- May 19, 2000
CopyrightCOPYRIGHT 2000 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WEST POINT, Ga., May 19 /PRNewswire/ --
WestPoint Stevens Inc. (NYSE: WXS) (www.westpointstevens.com ) announced today that its Board of Directors has determined to terminate its plan of recapitalization approved by the Company on March 24, 2000, pursuant to which stockholders were to receive $22 per share for their WestPoint Stevens stock. "The significant increase in the cost of debt financing since March 24, 2000, made the transaction less favorable and less attractive for the Company's proposed new equity investors, leading the principal new equity investor to withdraw its investment commitment. I and the rest of our management team are optimistic about the ...