The Warnaco Group, Inc., parent of apaprel brands Speedo and Authentic Fitness, announced that the U.S. Bankruptcy Court for the Southern District of New York confirmed its Plan of Reorganization on Thursday.
The effective date for the POR is expected to occur on February 4, 2003, at which time Warnaco will emerge from Chapter 11.
Tony Alvarez, president and chief executive officer of Warnaco, said, “Today’s confirmation represents a new beginning for Warnaco. We are extremely pleased with the Court’s decision and the support we have received from our creditors during this critical time. Looking ahead, we are encouraged by the Company’s prospects. Warnaco will emerge from Chapter 11 with a very comfortable capital structure. With a solid financial platform and a valuable portfolio of brands, we believe Warnaco possesses the key resources necessary to maintain a strong, competitive position in the industry as well as a sound financial future.”
