WestPoint Stevens Inc. (OTC Bulletin Board: WSPTE; www.westpointstevens.com ) today announced that its Board of Directors has elected M. L. (Chip) Fontenot as the Company's Chief Executive Officer. He has been serving as acting chief executive officer since August 14, 2003. Mr. Fontenot will retain his current positions as President and Chief Operating Officer.
Mr. Fontenot came to WestPoint Stevens in January of 2001 with more than 30 years' experience in the home fashions industry, including more than 20 years at Springs Industries, where he was President of Springs' Consumer Products Division, and more recently, assignments as Chairman, President and Chief Executive Officer of Perfect Fit Industries and as President and Chief Operating Officer for Dyersburg Corporation.
In addition, the Company has determined not to implement the previously announced agreement in principle with certain holders of its outstanding unsecured debt. Instead, the Company will negotiate new terms for a chapter 11 plan of reorganization with all its major creditor constituencies. Notice of this determination will be included in a Form 8-K filed with the SEC and can subsequently be accessed at the Company's website, www.westpointstevens.com , under the ''For Investors'' tab.
WestPoint Stevens Inc. is the nation's premier home fashions consumer products marketing 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 RALPH LAUREN HOME, DISNEY HOME, GLYNDA TURLEY and SIMMONS BEAUTYREST. WestPoint Stevens is also a manufacturer of the MARTHA STEWART and JOE BOXER bed and bath lines. WestPoint Stevens can be found on the World Wide Web at www.westpointstevens.com .