West Point, GA, June 27--West Point Stevens has been bought by American Real Estate Holding LP for $703 million, according to a filing with the Securities and Exchange Commission.
The deal still needs final approval by the U.S. Bankruptcy Court for the Southern District of New York. American Real Estate Holding, which is controlled by investor Carl Icahn, beat other bidders in a bankruptcy court auction to buy West Point Stevens.
The bankrupt West Point-based textiles company on April 7 reported the termination of an asset purchase agreement with a group of investors including WL Ross & Co. and holders of a majority of the company's senior credit facility.
