IN RE WESTPOINT STEVENS, INC.

No. 05 CIV. 06860(LTS).

333 B.R. 30 (2005)

In re WESTPOINT STEVENS, INC., et al., Debtors. Contrarian Funds, LLC, et al., Appellants, v. Westpoint Stevens, Inc., et al., Appellees.

United States District Court, S.D. New York.

November 16, 2005.


Attorney(s) appearing for the Case

Hennigan, Bennett & Dorman LLP, By Bruce Bennett, Esq., Sidney P. Levinson, Esq., Joshua M. Mester, Esq., Los Angeles, CA, Hennigan, Bennett & Dorman LLP, By A. Brent Truitt, Esq., New York, NY, for Appellants and Cross-Appellees Contrarian Funds LLC, Satellite Senior Income Fund, LLC, CP Capital Investments, LLC, Wayland Distressed Opportunities Fund I-B, LLC and Wayland Distressed Opportunities Fund I-C, LLC.

Jenkens & Gilchrist, A Professional Corporation, By Gregory G. Hesse, Esq., Dallas, TX, Pitney Hardin LLP, By Richard M. Meth, Esq., Amish R. Doshi, Esq., Morristown, NJ and New York, NY, for Appellant Beal Bank, S.S.B., in its capacity as First Lien Agent and Collateral Trustee.

Kramer Levin Naftalis & Frankel LLP, By Thomas Moers Mayer, Esq., Thomas H. Moreland, Esq., Gary M. Becker, Esq., Gordon Z. Novod, Esq., New York, NY, for Appellee Wilmington Trust Company, As Agent to the 2nd Lien Lenders.

Weil, Gotshal & Manges LLP, By Michael F. Walsh, Esq., John J. Rapisardi, Esq., Kathryn L. Turner, Esq., New York, NY, for Appellee Debtors and Debtors in Possession.

Simpson Thatcher & Bartlett LLP, By Mark Thompson, Esq., Alice Belisle Eaton, Esq., New York, NY, for Appellee Certain 2nd Lien Lenders.

Sonnenschein Nath & Rosenthal LLP, By Peter D. Wolfson, Esq., Martin R. Gold, Esq., Jo Christine Reed, Esq., New York, NY, for Appellees and Cross-Appellants Aretex LLC, WS Textile Co., Inc. and Textile Co., Inc.


OPINION

SWAIN, District Judge.

Contrarian Funds, LLC, Satellite Senior Secured Income Fund, LLC, CP Capital Investments, LLC, Wayland Distressed Opportunities Fund I-B, LLC and Wayland Distressed Opportunities Fund I-C, LLC (collectively, the "Steering Committee") and Beal Bank, S.S.B., in its capacity as First Lien Administrative Agent and Collateral Trustee ("Beal Bank" and, together with the Steering Committee, "Appellants") appeal from certain...

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