BERLIN – As it fights to ward off insolvency, Escada has for the third time improved its exchange offer for bondholders as well as extending the exchange period.
The bond exchange, a key element of the German fashion house’s restructuring program, is now set to expire Aug. 11 rather than Aug. 5. Late Tuesday, Escada said bondholders would now receive 10 additional Escada shares for every 1,000 euros, or $1,422 at current exchange rates, in nominal value of the old bond.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"