Kasper reorganization plan confirmed

Chicago, Nov. 19 - Kasper ASL Ltd. said its reorganization plan has been confirmed by the bankruptcy court after the necessary majority of creditors and shareholders voted to approve the plan.

As previously reported, Jones Apparel Group Inc. agreed to acquire Kasper for $221 million in cash and the assumption of deferred liabilities, primarily pre-paid royalties, expected to be $11.5 million at closing, for a total value of $232.5 million.

The purchase price is subject to adjustments, including an adjustment based on working capital. The company anticipates that the transaction will be completed in early December.

New York-based Kasper is a marketer and manufacturer of women's suits and sportswear.

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