The beleaguered Warnaco Group surprised observers recently when it said it would emerge from bankruptcy protection in early 2003 as a standalone company, with much of its stable of brands remaining.

Upon exiting bankruptcy, Warnaco will hold $265 million in debt, which includes senior subordinated notes, plus its borrowings under an exit facility. At its peak, Warnaco’s capitalization in June 1998 was $2.8 billion. The company’s bread-and-butter brands include Warner’s, Olga, Bodyslimmers, Lejaby, and of course, Calvin Klein Underwear for men and women, which it owns outright, and a long-term license for CK Jeanswear.

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