By  on August 13, 2009

BERLIN — Escada AG officially filed for insolvency at the Munich district court Thursday. The German fashion house said it would make the move after a bond exchange offer failed to gain sufficient support this week, undermining its financial rescue plan.

German law does not have an equivalent of Chapter 11, and planned insolvency is the closest procedure to bankruptcy. The court has appointed Christian Gerloff as interim insolvency administrator.

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