FEDERAL JUDGE BARS BIDERMANN FROM REFINANCING PARENT FIRM
NEW YORK--Despite assertions in court that his French apparel firm could fall into bankruptcy, Maurice Bidermann cannot refinance or restructure the company's parent, Bidermann SA, in any way that would dilute his stake in the company, a federal judge has ruled. In barring the refinancing, Judge Robert P. Patterson ruled that the $13 million claim of Bidermann creditor Rexnord Holdings would be impacted by the proposed move. Lawyers for Bidermann couldn't be reached for comment. It was not known if Bidermann was planning an appeal of the ruling, which fortifies a temporary injunction issued last month. As reported, under Bidermann's refinancing deal, investors would pump $24 million into Bidermann SA, which controls the troubled Bidermann International SA, in return for a 55 percent stake in the holding company. In the process, Maurice Bidermann's stake in the holding firm, whose chief asset is Bidermann International, would shrink to 20 percent from 63 percent. Bidermann International controls Bidermann Industries in the U.S., which among other businesses has the Ralph Lauren Womenswear license.
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