Kellwood May Head For Ch. 11: Report

Law360, New York (July 10, 2009, 12:00 AM EDT) -- Battered by the credit crunch and a slump in sales, apparel manufacturer Kellwood Co. is reportedly on the brink of bankruptcy after bondholders failed to agree on an exchange offer.

Citing unnamed sources familiar with the discussions, the Wall Street Journal reported Friday that Kellwood has a $140 million bond issue maturing Wednesday, and has been unable to refinance the bonds in the current debt market.

The firm tried to push back the impending bond payment through an offer to swap the bonds for ones maturing...
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