PARIS — Regina Rubens SA, a French sportswear label in which LVMH Moët Hennessy Louis Vuitton holds a 36.4 percent stake, is getting on the recovery path after filing the equivalent of Chapter 11 proceedings almost two years ago....
PARIS — Regina Rubens SA, a French sportswear label in which LVMH Moët Hennessy Louis Vuitton holds a 36.4 percent stake, is getting on the recovery path after filing the equivalent of Chapter 11 proceedings almost two years ago.
Paris’ Tribunal de Commerce approved a turnaround plan for the fashion operation, according to a statement issued Wednesday by the company. "The Tribunal de Commerce’s judgment allows Regina Rubens to remain open," the statement said.
The company, which has about $10 million in estimated sales, owes creditors some $9 million. The court ordered Rubens to repay some $250,000 in debt immediately. The rest will be repaid in annual installments over the next 10 years.
LV Capital, LVMH’s investment arm, acquired its stake in Rubens in 1999. Rubens, which operates 13 stores in Paris and other French cities, owns a 51 percent majority stake. The rest of the company was floated on the Paris’ Nouveau Marche in 1998. Trading was suspended on Dec. 2 and is scheduled to resume on Dec. 19, according to the firm.
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