LESLIE FAY GETS NEW EXTENSION

Byline:

NEW YORK — A bankruptcy judge on Thursday granted The Leslie Fay Cos. an additional 70 days, to May 1, to file an exclusive plan of reorganization.
There were no objections to the motion, Leslie Fay’s seventh extension since filing for Chapter 11 in April 1993.
Alan Miller, of Weil, Gotshal & Manges, counsel to Leslie Fay, said the apparel maker has already revised its 1995 business plan and would use the next 70 days to work on the four remaining years of its five-year business plan.
There was no discussion at the hearing concerning Leslie Fay’s plans to sell its Sassco division, which, as reported, is on the block. In court papers filed earlier this month, however, Leslie Fay said the 70-day extension would give it additional time to talk with “an interested party” about acquiring Sassco.
Arthur Levine, chairman and founder of Sassco, has made no secret of his interest in acquiring the division. — Fairchild News Service

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