Creditors OK sale of Hartmarx (makers of Obama suits) to Emerisque

[Omaha Steve]

http://www.suntimes.com/business/1640041,hartmarx-sale-emerisque-062509.article

June 26, 2009
BY SANDRA GUY [email protected]

Hartmarx’s creditors have approved the sale of the 125-year-old Chicago-based maker of Hart Schaffner Marx men’s suits to lead bidder Emerisque, meaning the company is expected to stay mostly intact.

Attorneys for the major players in the bankruptcy case are filing an order Thursday to approve the sale.

U.S. Bankruptcy Court Judge Bruce W. Black still must approve the sale, but he addressed employees sitting in the courtroom by saying, “It sounds like you have jobs to go back to and we’re all happy about that.”

The sale is expected to close July 7.

Emerisque, a London-based private-equity firm, and its partner SKNL North America BV of India, had increased the cash portion of their joint bid to 72 percent of the amount that Hartmarx owes Wells Fargo, Hartmarx’s primary lender. In addition, Emerisque and SKNL raised its total offer to $140 million. The higher bid offered $128.4 million to buy substantially all of Hartmarx’s assets, vs. an earlier bid worth $119 million.

FULL story at link.

[Bluzmann57]

1. They have a plant here

It employs over 100 people. Hopefully, our local plant will be saved.