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Article: Lenders oppose S Kumar's joint bid for Hartmarx.
- Article from:
- PTI - The Press Trust of India Ltd.
- Article date:
- May 31, 2009
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Lenders oppose S Kumar's joint bid for Hartmarx
Chicago, May 31 (PTI) -- Indian apparel maker S Kumars Nationwide Ltd's joint bid to snap up American suit designer Hartmarx Corp, whose clientele includes US President Barack Obama, has hit a road block with a group of lenders opposing the proposed deal.
S Kumar's along with London-based private equity player Emerisque has offered to buy the bankrupt Hartmarx and the deal is worth USD 119 million.
The banks' group led by financial services major Wells Fargo has come out against the deal saying that the deal does not provide "adequate value" to the suit maker's lenders.
The group of ...