NEW YORK -- Rocky Mount Undergarment Co., Rocky Mount, N.C., has emerged from bankruptcy proceedings.
Bankruptcy Judge Prudence B. Abram has approved the company's Chapter 11 reorganization plan, which offers unsecured creditors 20 percent cash on confirmation.
The women's and children's intimate apparel manufacturer filed its Chapter 11 petition here last January with about $2.2 million in unsecured debts.
The plan is funded in part by an equity investment from Joseph Pascal, who has joined Rocky Mount as director of operations.
Pascal, 49, was a founder of Ilio Inc., a women's sportswear manufacturer, and remained with the company until it was liquidated in bankruptcy proceedings last year. Also contributing to the plan are Herbert Greenberg, a major stockholder and brother of Rocky Mount's chairman and president, David Greenberg. Ongoing operations will be financed by Rocky Mount's factor, Rosenthal & Rosenthal.
Alex Spizz of Todtman, Young, Tunick, Nachamie, Hendler, Spizz & Drogin is counsel to Rocky Mount. The creditors' committee is represented by Hahn & Hessen.
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