By  on July 14, 2009

Kellwood Co. raced the clock Monday, exploring its financial options and negotiating with key bondholder Deutsche Bank to avert bankruptcy by restructuring $140 million in obligations, which comes due midnight Wednesday.

Michael Kramer, president and chief executive officer of Kellwood, said the apparel company was “actively exploring a number of alternatives to strengthen our long-term financial position,” but did not offer specifics. However, he said the process could take up to a month.

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