Kasper ASL fetches $216.6 million in bankruptcy auction

New York, Aug. 7 - Kasper ASL, Ltd. will be acquired for a price of $216.6 million by Jones Apparel Group, Inc.

Jones made the highest offer under a bankruptcy court approved bidding process.

The purchase price is made up of $204 million in cash and the assumption of deferred liabilities, primarily pre-paid royalties, projected to be $12.6 million at closing.

Kasper said the transaction is supported by its official creditors committee.

The bid is subject to confirmation at a bankruptcy court hearing on Aug. 14.

If confirmed, Kasper will then amend its plan of reorganization, then put it to creditors for a vote of approval and return to the bankruptcy court to have the plan confirmed.

Kasper said it expects to complete the sale by the end of the year.

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