The day after creditors and a bankruptcy court accepted its plan for reorganization, Fruit of the Loom became a wholly owned subsidiary of Berkshire-Hathaway, the investment vehicle of billionaire Warren Buffett. The sale has been in development since Nov. 1, when Berkshire offered $835 million for the company, which filed for bankruptcy in December 1999. An order of the U.S. Bankruptcy Court for the District of Delaware on Monday confirmed Fruit of the Looms plan to emerge from bankruptcy. Weve crossed the finish line, said John Holland, executive vice president of Fruit of the Loom. Well be a wholly owned subsidiary of Berkshire Hathaway and will operating as an independent subsidiary. The companys headquarters and current management team will remain in Bowling Green, he said. Holland is included in that team and is credited with helping Fruit of the Loom turn the corner, a fact not unnoticed by Buffett, who said the purchase was made because of the strength of the brand and Hollands managerial skill. Fruit of the Loom is one of the worlds largest makers of undergarments and employs about 23,000 people in more than 50 locations, including 1,100 in Bowling Green. Holland, who was hired to run the company in 1976 during its heyday, came out of retirement to do the same job following the short-lived tenure of former Chief Executive Officer William Farley. Many analysts believe that Farley, who left the company in early 2000, was responsible for much of the financial troubles, not the least of which included company-backed personal loans to him for $100 million. Bankruptcy by its very nature is a very painful process and were glad its behind us, Holland said. We have corrected all the issues that created the bankruptcy and that needed to be resolved operationally. The companys next step is to try and build on its recent successes, which include strong 2001 sales and new products in underwear, lingerie and casual outerwear lines, he said. We expect to continue to try to build the volume of the company and get back into what we characterize as a normal growth pattern, Holland said. We are very optimistic considering this is kind of a weak economic period that I think were coming out of the company has had a very good year. This years sales are expected to exceed last years $1.34 billion effort, he said. The turnaround has taken less than two years since Fruit of the Loom was delisted from the New York Stock Exchange. Brokers dont anticipate the companys stock being traded separately in the future. At some time in the future, Berkshire could choose to issue stock in a separate company, but they normally dont do that, said Ben Smith, vice president of Morgan Stanley. Stock setup should follow the same pattern as that of other companies owned by Berkshire, including Geico Insurance, which is a wholly owned independent subsidiary with like Fruit of the Loom its own management, Smith said. Berkshires stock (BRK) traded at 73,450 shares Tuesday, up by 1,950. Brokers attribute a 5 percent decline in company stock last year to a soft economy and losses suffered by some of its insurance subsidiaries, such as General Re Insurance Company, in the Sept. 11 terrorist attacks.