Warnaco Files Plan
New York-based Warnaco Group filed a Plan of Reorganization with the U.S. Bankruptcy Court in New York, with plans to emerge from Chapter 11 bankruptcy protection in early 2003. The plan calls for the apparel giant to retain its core businesses and significantly reduce its debt. The company is now waiting on court approval of the plan. If approved, existing shares of the company’s stock would be extinguished and Warnaco president and chief executive officer Tony Alvarez would receive a $1.95 million cash incentive bonus in recognition for his work reorganizing the company.
