Devon Smith was charged for drug possession today. However, TDC mentioned Devon Still, who was drafted by the Bengals last night, in their tweet.
Ps. Not hating on the Collegian at all, FYI. They do a great job. Everyone makes mistakes. Just made for a good post.
Bidermann USA, Plaid both file Chapter 11. (Bidermann Industries USA Inc., Plaid Clothing Group Inc.)
Daily News Record July 18, 1995 | Wilner, Rich; Siegel, Jeff NEW YORK (FNS) – Faced with a lack of credit and insufficient cash flow to service its high level of debt, Bidermann Industries USA Inc. filed a Chapter 11 petition Monday seeking time to reorganize.
The move, expected since Bidermann brought turnaround specialist Alvarez & Marsal on board in June, is expected to result in a slimmed-down, restructured Bidermann.
At the same time, Bryan P. Marsal, Bidermann chairman and chief executive and a founding director of the turnaround firm, is reportedly in negotiations with Ralph Lauren concerning the return of the Ralph Lauren Womenswear license by Bidermann to the designer.
The talks between the two parties have been ongoing for roughly six weeks, according to market sources, since Marsal was hired to turn things around at Bidermann. A Bidermann spokesman Monday refused to comment on the status of the Ralph Lauren Womenswear license or on the existence of any talks between the two sides.
Bidermann also operates Great American Knitting Mills, which makes Gold Toe Socks;Cluett, Peabody & Co., which makes Arrow shirts and sportswear; and the Yves Saint Laurent Pour Homme men’s wear.
Those familiar with the talks between Bidermann and the designer expect Lauren to regain control of the license in the next several months, barring any unforeseen turbulence in the negotiations. Bidermann is expected to receive some payment from Lauren for the license, which is scheduled to run for another two and a half years.
An arbitration proceeding filed by Lauren recently is procedurally stayed pending the outcome of Bidermann’s Chapter 11 case but will effectively become moot once a deal between the designer and Bidermann is reached.
The filing by Bidermann and 16 of its subsidiaries in Manhattan Bankruptcy Court Monday afternoon was called a “pre-arranged” filing by those familiar with the Bidermann situation. The sources said a pre-arranged filing did not have the financial agreements of a prepackaged filing but because of preliminary discussions between the debtor and its business partners, would not last as long as a “normal” Chapter 11 case. site gold toe socks
Marsal had been negotiating with creditors and business partners since joining Bidermann on June 5, sizing up which units Bidermann might retain and which the troubled manufacturer would look to unload, sources said.
For example, after Marsal took over, Bidermann creditors recently rejected the proposed sale of Great American Hosiery, makers of Gold Toe socks, to Renfro Corp. as not in the interest of the company.
The unit, however, like all pieces of the Bidermann corporation, remain available for the right price. Marsal, as with all CEOs of companies in Chapter 11, must maximize assets for creditors, which, many times, means selling off units.
Upon filing, Bidermann reported that it had secured a $75 million debtor-in-possession (DIP) line of financing from a lending group that includes Bank of America and Credit Lyonaise.
It is expected that, as with many highly leveraged companies filing for Chapter 11 reorganization, Bidermann will swap its pile of debt for equity.
“The DIP financing that we have arranged as part of the filing will resolve our short-term liquidity concerns, ensure that we will continue to operate the business on a normal basis, and provide us with the financial flexibility necessary to implement our operational restructuring,” said Marsal.
That restructuring will concentrate on decentralizing management, including the phasing-out of Bidermann’s Secaucus, N.J., operations, and reducing operating costs through plant consolidations, the company said in a statement.
Bidermann said employees in the Secaucus office will be offered positions elsewhere in the company or will be offered severance packages. Marsal said no large-scale layoffs were expected.
Bidermann Industries, with 1994 sales reportedly at $500 million, became the subject of sale rumors recently when Maurice Bidermann, who controls the company, attempted to restructure his European operations.
The restructuring, now completed, transfered control of the Paris-based operation away from Maurice Bidermann to two French apparel executives. The financial restructuring of the European operation did not benefit the U.S. operations, which have been losing money attempting to deal with a mounting debt load for years. this web site gold toe socks
NEW YORK FNS)- Men’s tailored clothing giant Plaid Clothing Group Inc. filed for Chapter 11 protection Monday, a victim of its failed bid to acquire GFT Spa, rising restructuring costs and the trend toward a more casual look at the workplace, In its bankruptcy petition, Plaid, the second-largest manufacturer of men’s and boys’ tailored clothing in the U.S., listed liabilities of $177.1 million, including $123.6 million in unsecured debt, and assets of $194.5 million.
Plaid, which sells tailored clothing under private-label and outside brands, including Palm Beach, Burberrys, Evan-Picone, Liz Claiborne and John Weitz, said in court papers that it hoped the Chapter 11 filing could give it a “breathing spell” to reorganize. The company said it did not know when it would emerge from bankruptcy protection.
As part of its efforts to reorganize, Plaid said it signed a $75 million debtor-in-possession credit facility with a group of lenders led by TransAmerica Business Credit Corp. that is secured by Plaid’s inventory and receivables.
A bankruptcy court hearing to approve $12 million in interim financing is scheduled for today before Judge Prudence Abram.
The manufacturer tried to restructure under its own steam after facing dwindling sales and laging operating profits the past two years. But those efforts were hampered by an ill-fated attempt to purchase Italy-based manufacturer of designer apparel GFT SpA.
Plaid offered to purchase GFT for about $243 million in March 1994, but after eight months of hot pursuit GFT rejected the idea. The failed venture cost Plaid $15.2 million before taxes.
GFT was eventually purchased by Gemina, an investment company owned by the Fiat Group.
After losing $12.5 million last year on sales of $263.4 million, Plaid posted a $418,000 loss in the first quarter ended April 1. Sales in the quarter fell 12.7 percent to $63.5 million from $72.7 million.
First-quarter results were hurt by a disruption of deliveries for spring 1995 due to manufacturing and delivery problems at two of Plaid’s piece-goods suppliers, Plaid said in its filing. In addition, Plaid had production problems of its own at several facilities, some of which resulted from the closing of Plaid’s New Bedford, Mass., plant at the end of last year.
Plaid’s poor results continued into the second quarter, and the company was unable to satisfy certain covenants in its revolving-credit facility. While in the process of negotiating waivers and amendments with the banks, Plaid said its suppliers and factors pulled the plug, refusing to ship any more merchandise.
Aside from its operating difficulties, Plaid said its results were hurt over the past two years by the “significant level of layoffs among white collar workers [the principal customers for men's tailored clothing].” The company also cited increased foreign competition, “the relaxation of dress codes by many employers, and the long-term trend toward a more casual lifestyle.” A possible foreshadowing of Plaid’s Chapter 11 filing occurred earlier this month when the firm hired The Blackstone Group as its financial advisor to explore all of its options. At the time, rumors of Plaid’s imminent bankruptcy filing were rampant in the industry.
During its stay in Chapter 11, Plaid said it will concentrate on restructuring its short-and long-term debt; continue to restructure its business; and improve cash flow through a reduction of general and administrative expenses.
The list of Plaid’s 20 largest creditors includes: Burlington Industries Inc., Greensboro, N.C., owed $5.3 million; Forstmann & Co., $491,142; BNY Financial, $483,703; Warren Corp., $470,463; Nomus Interiors, King, N.C., $460,765; and EDS Corp., Charlotte, N.C., $370,942.
In addition, Marine Midland Bank is the indentured trustee for Plaid’s $75 million in 11 percent senior subordinated notes due 2003. A $4 million interest payment on the notes was to be due Aug. 1. The notes are not actively traded but were being quoted in the range of 25 cents to 35 cents on the dollar in early June.
The vast majority of Plaid’s secured debt is held by its DIP lender, TransAmerica Business Credit, owed $52.7 million.
Plaid’s roster of brands range from the chic and expensive Italian-made Hanae Mori to Gant and Halston, which are geared to value-conscious shoppers. The company recently gave up its Christian Dior license.
Plaid’s product lines includes suits, sport coats, separate trousers, formalwear, rainwear and overcoats.
Wilner, Rich; Siegel, Jeff