Escada administrator hires KPMG to negotiate with potential investors

By Caroline Salls

Pittsburgh, Sept. 1 - Escada AG's preliminary insolvency administrator, Christian Gerloff, has hired KPMG's Munich merger and acquisition divisions to negotiate with potential investors for the company's women's fashion group, according to a company news release.

"Both, the board of management of Escada AG as well as myself, have received a series of interested queries from potential investors," Gerloff said in the release.

"With the assistance of KPMG we will now examine in a structured process, which of the investors has the short-time capacity of securing the objective of the company's going concern."

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/ Munchen, Germany, designer and marketer of upscale women's apparel. The subsidiary's Chapter 11 case number is 09-15008.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.