2009 July 13
Escada on the Edge
(NEW YORK) Since Escada parted ways with parent company Primera in May, the fashion company's profits have been declining at an even quicker pace. Now, several German newspapers have reported that the brand may cease trading if a last restructuring plan fails. After losing more than $21 million in the last year, the German company has been grasping for a solution, the latest of which may be state aid. Escada chairman Bruno Saelzer told a German paper yesterday that the company has enough liquidity to last only until August, after which they would have no choice but to close, saying that "98 of the 99 possible measures" to save the company had already been taken.
In their latest attempt to stay trading, Escada is asking investors to forego over half of their investments in a bond swap to exchange €200 million in seven-year bonds by the end of July, to get support from its banks. However, at least 80% of bond holders will have to accept the terms of the plan for it to be passed. The deadline for the debt restructuring plan is July 31.
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