Recession Global

The evening of Tuesday, 11 August, the German fashion house Escada women's clothing has announced the failure of the plan to rescue the company from bankruptcy, and the intention to have this week filed an application for the opening of bankruptcy proceedings.As the Lenta.Ru referring to DW-WORLD, the creditors of the group that invested in Escada 200 million euro, offered to invest their bonds into a new loan with the loss of their cost to 60% and thus to contribute to repayment of debt.Meanwhile, only 46% of creditors have agreed to this proposal, which, therefore, was rejected. According to the German media in the 2007-2008 fiscal year, the losses of the group Escada, founded in 1976, amounted to 70.3 million euros, while turnover fell by 15%.Escada In 2300 people are working. One of the shareholders of the group is the Russian businessman Rustam Aksenenko, which owns 21% of the shares. According to some experts, Escada choose bankruptcy procedure planned, thus avoiding the complete destruction of the company.