BERLIN — It’s the 11th hour for Escada AG. The German fashion house said Monday it would file for insolvency later this week if its bond exchange offer fails to reach an 80 percent acceptance rate.
The tender period for the bond exchange of 200 million euros, or $287 million at current exchange, expires today at 3 p.m. European Standard Time. The offer has already been improved and extended, but Escada said given the company’s imminent illiquidity, it is not possible to do so again.
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