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Wells Fargo opposes Hartmarx offer

May 29, 2009 3:26:27 PM PDT
Wells Fargo says it opposes an offer that may have saved a British company's offer to acquire a Chicago-based clothing manufacturer.Emerisque of London had offered to pay $85.5 million for Hartmarx, which filed for chapter 11 bankruptcy protection in January.

Wells Fargo is Hartmarx's chief creditor.

Friday the bank said Emerisque's offer fails to provide adequate value to Hartmarx's lenders, and the proposed deal does not ensure that Emerisque will continue running Hartmarx's business operations after the acquisition.

The union representing Hartmarx employees at its Des Plaines factory says the Emerisque bid is good for Hartmarx and its workers, and Wells Fargo's statement is a thinly veiled attempt to force liquidation.


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