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ATLANTA-Locally based WestPoint Stevens Inc., the nation’s second largest bedding and towels manufacturer with an estimated 8.2 million sf of plant and distribution space in 49 markets, has contracted with lenders for a $300 million loan after voluntarily filing for Chapter 11. The company listed $2 billion in debt.

Atlanta area industrial brokers familiar with the company’s real estate holdings tell GlobeSt.com WestPoint either owns or leases 32 manufacturing plants sized at about 150,000 sf each or a total 4.8 million sf. Brokers estimate the company’s 17 distribution centers are about 200,000 sf each or a total 3.4 million sf.

At the same time, WestPoint CEO Holcombe T. Green Jr. has agreed to resign. M.L. “Chip” Fontenot, the company’s president and chief operating officer, will be the interim CEO after the U.S. Bankruptcy Court for the Southern District of New York approves the restructuring plan. Meanwhile, WestPoint Stevens continues its daily operations with 15,000 employees.

Bank of America and Wachovia head a banking consortium that has agreed to help WestPoint in its financial restructuring. The court still has to approve the loan.

Brokers say WestPoint Stevens is better known by its brands than its corporate name. The company makes Lady Pepperell, Martex, Stevens, Utica, Martha Stewart, Ralph Lauren and Disney products.

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