By Siddharth Cavale
Oct 19 (Reuters) - HMX Acquisition Corp, the firm behind
clothing brands Hickey Freeman and Coppley, filed for Chapter 11
bankruptcy protection on Friday in a Manhattan court.
The company, best known for tailoring suits under the Hart
Schaffner Marx brand for U.S. Presidents, also sought court
approval for a 'stalking horse bid' from Authentic Brands Group
LLC.
A stalking horse bid gives the bidder first preference over
a bankrupt company's assets and sets a minimum threshold for
further bids.
HMX listed assets of less than $50,000 and liabilities of
between $50 million to $100 million in the filing. It listed
Pacificways Ltd, Conde Nast and others among its largest
unsecured creditors.
The company's brands, which include Christopher Blue and
Sansabelt, are sold at well-known retailers like Dillard's Inc
and Nordstrom Inc.
HMX said its existing lender, Salus Capital, would provide
it with a $65 million debtor-in-possession facility to continue
operating its business during the bankruptcy.
The Canadian affiliates of the company have not sought
bankruptcy protection, HMX said.
The case is In re: HMX Acquisition Corp, U.S. Bankruptcy
Court, Southern District of New York, No:12-14300.
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