The Warnaco Group Inc., the parent of industry brands Speedo and Authentic Fitness, emerged from Chapter 11 bankruptcy Tuesday as scheduled. The company said it closed on a $275 million exit financing facility in connection with its bankruptcy emergence.
Warnaco was able to reduce dept nearly 90% through the Chapter 11 action. Debt now totals approximately $247 million.
The company has restructured around three product groups: sportswear, intimate apparel and swimwear.
The company, which filed for bankruptcy protection in June 2001, began trading Wednesday on the Nasdaq Stock Market under the symbol WRNC.
