USA: Warnaco Loses $33.8m In First Half

The Warnaco Group (NYSE: WAC) today announced its financial results for the second quarter and first half of fiscal 2000, the period ended July 1, 2000. The Company previously reported that it expects operating earnings for fiscal 2000, before charges and investments gains, to be in the range of $0.26 to $0.36 per share, and that it had received commitments from its lead banks to amend and extend up to $2.9 billion of existing financing facilities through August 12, 2002. Warnaco said that upon satisfaction of the closing conditions to and completion of the planned transactions, the Company will have no material debt maturities or principal amortization prior to August 2002. The amending facilities will be secured by assets owned by Warnaco and its subsidiaries. The lead banks include holders of approximately $1.7 billion of the Company's worldwide debt facilities.