By  on June 2, 2009

Wells Fargo might be more amenable to the stalking horse bid by Emerisque for bankrupt Hartmarx Corp. now that the British private equity firm has raised its offer, according to sources.

A hearing for the stalking horse bid took place Monday and was scheduled to continue today. Sources present at the hearing said Wells Fargo, the lead agent for the banking group that has provided financing of more than $114 million to Hartmarx, is moving closer to an agreement to court approval of Emerisque as the stalking horse. The stalking horse establishes a baseline in a court-approved auction for better offers.

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