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Article: Hartmarx gets $30M infusion. (from Traco International N.V., a Netherlands Antilles corporation)
- Article from:
- Daily News Record
- Article date:
- September 22, 1992
- Author:
CopyrightCOPYRIGHT 1992 Conde Nast Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHICAGO -Hartmarx Corp. said Monday it will receive a $30 million equity infusion from Traco International N.V., a Netherlands Antilles corporation controlled by Abdullah Bakhsh, a Saudi Arabian investor.
Traco is purchasing 5,714,286 shares of the company's common stock at $5.25 per share and has a three-year warrant for the purchase another 1,649,600 shares at $6.50 per share. In all, Traco will own about 21 percent of the outstanding common shares. Over the years, Traco has held major positions in a number of U.S. companies, including Gorham, Inc., and Dansk International Designs.
Hartmarx chief executive officer Bert Hand said the infusion is ...