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HartMarx Files for Bankruptcy
The Chicago-based luxury apparel maker and owner of such brands as Hickey Freeman, was next in line today in bankruptcy court, this time in the Northern District of Illinois, with the pretext that it is seeking "strategic alternatives." The most recent (but definitely not last) luxury retailer seeking Chapter 11, has obtained a $160 million DIP, which, as speculated, is not from new money sources (non-existent) but rather from pre-petition lender Wachovia, which is becoming the norm. Additionally, the DIP facility earns the usurious rate of Prime + 575, and by maturing on July 1, 2009, gives the company just enough time to sell itself promptly or liquidate with dignity.
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