Emerisque has emerged as the leading
contender to purchase Hartmarx out of bankruptcy. Emerisque is a London-based private equity firm which has reportedly offered $85.5 million in cash and notes for all of the assets of Hartmarx.
The bankrupt firm is seeking approval of bidding procedures for the required court auction to allow for the possibility of better offers. The deadline for bids is June 25, with the auction scheduled for June 30 at the Chicago offices of the Skadden, Arps, Slate, Meagher & Flom LLP law firm.
If the deal doesn't go through, Hartmarx would be responsible for paying Emerisque a $1.65 million break-up fee and reimbursing the London firm for $2 million in expenses.
Emerisque on Wednesday submitted what it termed its "third and final bid in a process which has been lengthy and expensive for all parties" and attached a Thursday expiration date to its offer.
It's not a done deal by any means. Many other stumbling blocks could arise before the transaction is finalized.
