HONORING CLASS OF ’02: Donna Karan will host a cocktail reception honoring the Council of Fashion Designers of America’s 23 new 2002 inductees. Stephen Burrows, Henry Duarte, Mossimo Giannulli, Lars Nilsson of Bill Blass, Charles Nolan of Anne Klein and William Reid are among the latest American designers to be admitted into the organization. The event, the second of what is expected to be an annual tradition, is to be held the evening of Oct. 22 at the Manhattan studio once used by Karan’s late husband, Stephan Weiss.

GUILFORD TO EMERGE: Guilford Mills Corp. said it expects to emerge from Chapter 11 protection today, following a New York bankruptcy court’s approval of its reorganization plan last month. Guilford said in a statement that, upon its exit from bankruptcy, the firm’s 18.6 million outstanding shares will be canceled. Holders of those shares will receive one new share in the company for approximately every 35 shares of the stock they held. Guilford’s creditors will own 90 percent of the company upon its emergence, according to the plan of reorganization. Guilford said its old shares will be delisted from over-the-counter trading, but it expects its new shares to gain an over-the-counter listing.

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