Escada insolvency proceedings opened in Munich; Gerloff administrator

By Caroline Salls

Pittsburgh, Nov. 2 - The Munich Municipal Court has opened insolvency proceedings on the assets of Escada AG, according to a company news release.

Effective as of Nov. 1, the power of administration and control over all assets and the power of representation of the company have been transferred to insolvency administrator Christian Gerloff.

According to the release, the insolvency administrator is engaged in advanced negotiations with a number of interested parties with the objective of maintaining the company's going-concern status.

Escada's U.S. subsidiary, Escada (USA) Inc., filed for bankruptcy on Aug. 14 in the U.S. Bankruptcy Court for the Southern District of New York. Escada AG is an Aschheim (Munich), Germany, designer and marketer of upscale women's apparel. The subsidiary's Chapter 11 case number is 09-15008.

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