Gardeur said to be close to reaching credit agreement that will safeguard its future
German trouser specialist Gardeur, parent company of the Atelier Gardeur and Thomas Rath brands, which entered insolvency proceeding for four of its limited companies last week, is said to be close to reaching a new credit agreement worth several million Euros, which would safeguard the company’s future until at least June 2018.
According to liquidators White & Case, significant progress has been made over the last few days, with a new credit agreement expected to be in place shortly which will allow Gardeur to pay its suppliers and honour any outstanding deliveries.
The company is now seeking a new investor, both in Germany as well as overseas. “Long-term we will have to find a new investor, we won’t be able to go without. They will not only have to be able to pay for the acquisition, but also for further financing down the line,” says Biner Bähr of White & Case, lead liquidator. He is hopeful to have secured new investors by the end of November, and praised the commitment of Gardeur management, staff and customers to the continuity of the brand.