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Barco CIM server
<br />Printers
<br />Oracle Enterprise Project
<br />Capital labor - Enterprise Project
<br />Addition to Oracle Enterprise Project
<br />Computer software
<br />Gap fillers - Legacy software
<br />Engineering software - Legacy
<br />Maintenance software
<br />Legacy progra~uners
<br />Software - OSHA environmental
<br />Programming labor
<br />Extension labor - software
<br />Addition to ERP - labor
<br />Labor - software EDI
<br />Addition to labor and software
<br />Safety training software
<br />Capitalized labor
<br />IBM AS400 computer
<br />ADP payroll system
<br />
<br />261
<br />
<br /> 24,000
<br /> 64,333
<br /> 12,759,875
<br /> 4,025,000
<br /> 9,481,845
<br /> 4,874,433
<br /> 7,125,000
<br /> 15,661
<br /> 366,219
<br /> 2,062,069
<br /> 124,019
<br /> 1,578,225
<br /> 4,500,000
<br /> 3,849,834
<br /> 3,354,199
<br /> 1,638,193
<br /> 131,910
<br /> 1,823,444
<br /> 271,508
<br />2~204,658
<br />$65,064,371
<br />
<br />Note: The above investments are made to improve
<br />capability of Fieldcrest Cannon, Inc. Improvements
<br />shipping, inventory control, billing, collections and
<br />
<br /> the overall computing
<br /> include manufacturing,
<br />accounting.
<br />
<br />IN THE UNITED STATES BANKRUPTCY COURT
<br /> FOR THE DISTRICT OF DELAWARE
<br />
<br />In re:
<br /> Jointly Administered
<br />PILLOWTEX, INC., Case No. 00-4211 {SLR)
<br />a Delaware corporation, et al.,
<br /> Chapter 11
<br /> Debtors.
<br /> STIPULATION AND AGREED ORDER
<br /> REGARDING TAX INCENTIVE AGREEMENT
<br /> RECITALS:
<br />
<br /> A. On November 14, 2000, the above-captioned debtors and debtors an
<br />possession (collectively, the "Debtors") filed their voluntary petitions for
<br />relief under chapter 11 of the Bankruptcy Code, 11 U.S.C. ~ 101-1330 (the
<br />"Bankruptcy Code"), in the United States Bankruptcy Court for the District of
<br />Delaware. The Debtors' chapter 11 cases have been consolidated for procedural
<br />purposes only and are being administered jointly.
<br /> B. On December 28, 2001, Debtor Fieldcrest Cannon, Inc.
<br />("Fieldcrest") filed its Motion for an Order Authorizing It to Assume Tax
<br />Incentive Agreement with Cabarrus County, City of Kannapolis and City of
<br />Concord (the "Motion") (D.I. 1035).
<br /> C. On January 10, 2002, the City of Kannapolis, North Carolina
<br />("Kannapolis") filed its Limited Objection to Motion for an Order Authorizing
<br />It to Assume Tax Incentive Agreement with Cabarrus County, City of Kannapolis
<br />and City of Concord (the "Objection") (D.I. 1048).
<br /> D. Given the significant annual benefit provided to Fieldcrest's estate
<br />by the Tax Incentive Agreement (as such term is defined in the Motion), the
<br />Debtors believe that it is necessary and desirable to assume the Tax
<br />Incentive Agreement.
<br /> E. Fieldcrest, Cabarrus County, North Carolina ("Cabarrus"), Kannapoli~
<br />and the City of Concord, North Carolina ("Concord") have reached an agreement
<br />pursuant .to which Fieldcrest, subject to the terms set forth below, is
<br />authorized to assume the Tax Incentive Agreement.
<br />
<br /> AGREEMENT:
<br /> 1. Kannapolis shall withdraw the Objection.
<br /> 2. Pursuant to section 365 of the Bankruptcy. Code, Fieldcrest is
<br />authorized to assume the Tax Incentive Agreement with Cabarrus, Kannapolis
<br />and Concord.
<br /> 3. The amounts owed in respect of the Tax Incentive Agreement are as
<br />follows: (a) Fieldcrest owes (i) Cabarrus $1,367,225.49 in respect of the
<br />2000 Taxes and interest thereon, (ii) Kannapolis $901,252.06 in respect of
<br />the 2000 Taxes and interest thereon and (iii) Concord $77,376.66 in respect
<br />of the 2000. Taxes and interest thereon; (b) Fieldcrest is owed $233,630.37 by
<br />Cabarrus for its share of the 1999 Incentive Payments and $567,346.08 for its
<br />share of the 2000 Incentive Payments; (c) Fieldcrest is owed $167,737.26 by
<br />Kannapolis for its share of the 1999 Incentive Payments and $452,746.95 for
<br />
<br />
<br />
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