USA: Courts Extend Warnaco's Reorganisation Plan
Bankrupt apparel maker Warnaco Group Inc has won an extension to the period it has to file its reorganisation plan. Instead of filing details by 8 May, the company now has until 31 July to submit its proposal. In a separate action, Judge Richard L Bohanon of the US Bankruptcy Court in Manhattan also agreed a settlement between Warnaco and its creditors' committee. This means certain Warnaco property will no longer be considered pre-petition collateral. The property includes some of Warnaco's license agreements and its land, inventory and equipment in Tennessee.
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