NEW YORK — Sixteen months into its Chapter 11 proceedings, textile mill Galey & Lord Inc. has hired Alvarez & Marsal Inc. to help speed its exit from bankruptcy.
The turnaround firm most notably served as an adviser to Warnaco Group Inc. during its recent stint in bankruptcy. According to sources, Galey aims to exit bankruptcy by the end of September.
Peter A. Briggs, a managing director at A&M, is joining Galey as chief restructuring officer, reporting to chairman and chief executive officer Arthur C. Wiener.
“Galey & Lord is at a critical stage in its bankruptcy proceedings as we work toward finalizing our business plan, plan of reorganization and exit strategy,” Wiener said in a statement late Tuesday.
Company officials have said the bleak U.S. textile market has slowed their efforts to emerge from bankruptcy.
In his last A&M assignment, Briggs served as chief restructuring officer for the consumer financial services arm of Spiegel Inc. and its Eddie Bauer subsidiary. He also served as project leader for the restructuring advisory assignment at former leading accountancy Arthur Andersen LP, which collapsed during the Enron scandal.
Antonio Alvarez, a principal at A&M, served as chief restructuring officer of Warnaco before being named ceo after Linda Wachner exited the company in November 2001. Alvarez turned over the Warnaco ceo reins to Joe Gromek in April, but remains on the board.
According to filings with the Securities and Exchange Commission, Galey recorded a net loss of $93.9 million for the six months ended March 29 on sales of $289.9 million. A year earlier, the company had lost $21.1 million on sales of $304.4 million.
The company filed for Chapter 11 protection with the U.S. Bankruptcy Court for the Southern District of New York on Feb. 19, 2002. The court has approved the hiring of A&M, Galey said in a statement. The mill produces denim and sportswear fabrics. Its divisions include Atlanta-based Swift Denim, and Klopman International, which operates primarily in Europe.
A&M also has worked on the restructuring of firms including Brooks Bros. and Fleming Cos., a food supplier to Kmart.
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