BIDERMANN USA GETS APPROVAL FOR FULL $75M DIP FINANCING

NEW YORK--Bankruptcy Judge Tina Brozman Thursday OK'd Bidermann Industries USA Inc.'s full $75 million debtor-in-possession credit facility.
Robert Lapowsky, of Cohen, Shapiro, Polisher, Shiekman and Cohen, counsel to Bidermann, said the $75 million DIP will give the firm "adequate liquidity to meet its needs over the course of the [Chapter 11] case."
Brozman had authorized the use by Bidermann of up to $50 million of the facility at a hearing late last month.
Bidermann, which filed for Chapter 11 protection on July 17, has the Ralph Lauren Womenswear license along with Gold Toe hosiery and Arrow shirts. As reported, Bidermann has been talking with Lauren, who wants to regain the license, but in his last public statement on the matter, Bryan P. Marsal, Bidermann chief executive officer, said last month the price being offered was too low.--Fairchild News Service

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