Kasper obtains court approval for disclosure statement

Chicago, Oct. 16 - Kasper ASL Ltd. has obtained court approval for its disclosure statement.

The court approval authorizes Kasper to distribute the disclosure statement and solicit ballots for the acceptance of the reorganization plan.

Objections to the confirmation of the plan must be served and filed on or before Nov. 11. The voting deadline is Nov. 12, and the confirmation hearing is set for Nov. 19.

While the company said it believes that there may ultimately be a distribution of cash to its shareholders under the plan, because there are significant contingencies that must be first overcome, including the resolution of certain disputed claims, there can be no assurance that any such distribution will be made to its shareholders.

As previously announced, on Aug. 7 the company entered into an agreement to be acquired by Jones Apparel Group Inc. for $204 million in cash and the assumption of deferred liabilities, primarily pre-paid royalties, projected to be $11.5 million at closing, for a total of $215.5 million, subject to adjustments.

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