London Fog sells Pacific Trail, confirms DIP financing
March 30, 2006-- Home Textiles Today,
New York – London Fog Group, parent of home textiles producer Homestead, has as planned in its "pre-packaged" Chapter 11 proceedings, successfully sold its Pacific Trail unit and will have its $40 million debtor-in-possession financing provided by Wachovia Bank.
The company sold its Pacific Trail outerwear business and related brands to Columbia Sportswear for $20.4 million plus "the assumption of certain services," the result of a public auction yesterday.
London Fog Group ceo David Greenstein said, "We believe the transaction is in the best interests of Pacific Trail … Columbia is the ideal company to continue building on the success of the Pacific Trail and related brands this season and going forward."
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