Printer Friendly

ROCKY MOUNT UNDERGARMENT CO. FILES FOR RE-ORGANIZATION

 ROCKY MOUNT, N.C., Jan. 26 /PRNewswire/ -- Rocky Mount Undergarment Co., Inc. (NASDAQ: RMUC), which manufactures and markets intimate apparel for women and girls, announced toady that it had filed a petition to reorganize under Chapter 11.
 The petition, filed Tuesday in the Southern District of New York, lists assets of $9.1 million and liabilities totaling $5.3 million as of Sept. 27, 1992 including assets and liabilities of Marion Rohr Corp. and other subsidiaries which have not filed a bankruptcy petition.
 The filing was precipitated by the impact of the recent recession; difficulties associated with absorbing its December 1991 acquisition of Marion Rohr, a maker of upscale intimate apparel; higher-than- anticipated start-up costs for Rocky Mount's Blossom Creations line of fashion daywear; and the effects of foreign imports.
 The company said that, in conjunction with the filing, it has negotiated for $4 million in new financing with Rosenthal & Rosenthal, the company's current lender.
 The company also announced that Stephen Greenberg, president, has relinquished his position for personal reasons. He will, however, remain a director of the company. David Greenberg, Chairman of the Board, will assume the duties of chief executive officer.
 In a statement, David Greenberg, said: "We believe this reorganization will provide the company with the opportunity to shed burdensome contracts and re-structure our manufacturing operations as we continue to experience encouraging growth in all of our major product lines."
 In addition, the company said it had engaged Albert Roth and Theodore P. Glueck of GRP/Eastwood Associates, Inc., New York City, to help direct the company's reorganization.
 The New York law firm of Todtman, Young, Tunick, Nachamie, Hendler, Spizz and Drogin will represent the company during its reorganization.
 Founded in 1959, Rocky Mount has an extensive line of intimate apparel for women and children and has been a longstanding provider of "basic" and fashion underwear and daywear sold through many of the country's leading mass merchandisers.
 -0- 1/26/93
 /CONTACT: Alex Spizz, Esq., 212-286-0300, or Al Roth, 212-736-8345/
 (RMUC)


CO: Rocky Mount Undergarment Co., Inc. ST: North Carolina IN: TEX SU:

SB-MM -- CH005 -- 9098 01/26/93 13:04 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 26, 1993
Words:355
Previous Article:ATLANTA AND CORDELE PHYSICIANS HONORED FOR DISTINGUISHED SERVICE
Next Article:AMERICAN AUTOMOBILE MANUFACTURERS ASSOCIATION ISSUES STATEMENT ON REPORTS OF PUNITIVE ACTION
Topics:


Related Articles
ROCKY MOUNTAIN UNDERGARMENT CO., INC. ANNOUNCES THIRD QUARTER RESULTS
ROCKY MOUNT UNDERGARMENT CO., INC. REPORTS IMPROVED FOURTH QUARTER AND YEAR-END RESULTS
ROCKY MOUNT UNDERGARMENT CO., INC. REPORTS IMPROVED FIRST QUARTER RESULTS
E-II HOLDINGS: INVOLUNTARY FILING HAS NO IMPACT ON REORGANIZATION PLAN AND OPERATIONS OF ITS SUBSIDIARIES
ROCKY MOUNT UNDERGARMENT CO., INC., NAMES JEFF TREESE VP-MANUFACTURING
ROCKY MOUNT UNDERGARMENT CO., INC. REPORTS SECOND QUARTER RESULTS
ROCKY MOUNT UNDERGARMENT CO., INC., NAMES STEPHEN GREENBERG PRESIDENT AND ANNOUNCES INCREASED CREDIT LINE
ROCKY MOUNT UNDERGARMENT CO., INC. REPORTS THIRD QUARTER RESULTS
ROCKY MOUNT UNDERGARMENT CO., INC. ANNOUNCES AGREEMENT ON PLAN OF REORGANIZATION

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters