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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments -- Ignore unavailable to you. Want to Upgrade?

To: Mr. Pink who wrote (17535)	2/14/2003 6:21:01 AM
From: heronwater	Read Replies (1) \| Respond to of 18998

Mr. Pink sir, have we come full circle, at long last??!!! Are you now finding value for your pinkish clientele? Reuters UPDATE - Warnaco emerges from Chapter 11, to trade on Nasdaq Tuesday February 4, 8:29 pm ET NEW YORK, Feb 4 (Reuters) - The Warnaco Group Inc. (Other OTC:WACGQ.PK - News), which makes clothing under brands including Speedo, Calvin Klein and Chaps by Ralph Lauren, said on Tuesday it has emerged from bankruptcy. The apparel maker said it expects to trade on Nasdaq under the ticker symbol "WRNC" (Nasdaq:WRNC - News) starting Feb. 5. The New York-based company also said it closed on a $275 million exit financing facility. The initial draw on the facility was $39 million. Warnaco's plan of reorganization, which became effective on Tuesday, was confirmed by the Bankruptcy Court for the Southern District of New York last month. The exit financing will fund cash distributions under the plan as well as ongoing operating needs, Warnaco said. The company's emergence debt totals $247 million, including the initial $39 million draw, $201 million in second lien notes issued primarily to pre-petition lenders and $7 million of capital leases. Warnaco's pre-petition secured debt was $2.4 billion. The company said it continues to search for a permanent chief executive and chief financial officer, as well as candidates for its board of directors. In the interim, Tony Alvarez and James Fogarty, both from turnaround consulting firm Alvarez & Marsal, will continue to serve as CEO and CFO, respectively. Warnaco sought Chapter 11 bankruptcy protection in June 2001 and five months later ousted chairman and CEO Linda Wachner. Wachner became the first woman to run a Fortune 500 company when she took over Warnaco in a hostile leveraged buyout in 1986. Under her stewardship, Warnaco evolved from a struggling $425 million clothing company to a top maker of designer brands. But the company suffered as department stores, one of the main outlets for its products, lost market share to discounters in the late 1990s. Warnaco shares, worth $44.44 in 1998, traded for less than half a cent on Tuesday. Under the reorganization plan, secured pre-petition creditors receive about 96.26 percent of the reorganized company's common shares, while unsecured creditors receive about 2.55 percent. Warnaco's pre-existing common shares become worthless.

To: Mr. Pink who wrote (17535)	9/23/2003 11:42:36 AM
From: RockyBalboa	Respond to of 18998

INEPTITUDE If you can't learn to do something well, learn to enjoy doing it poorly. ---------------------------------- Funny quote by one certain Mr. Loeb: "Evidently, Stuart Buchalter attracts bankruptcies the way Pigpen (of Charlie Brown fame) attracts a cloud of filth hovering overhead",... "I met [Stuart] Buchalter in person at a Warnaco Annual Meeting, a handsome middle-aged gentleman, his shock of gray hair and beard and his bold red striped shirt and polka dot red tie made him look oddly like Burt Reynolds' character, the pornographic producer in the film Boogie Nights."