High fashion designer Escada (now trading at .53 Euro’s per share) is in an insolvency proceeding in Germany.  The company’s release states that: “The court decreed on August 13, 2009 at 12:00 a.m. the preliminary administration of the insolvent’s assets and appointed Christian Gerloff, LL.D., Munich, as preliminary insolvency administrator.”  Bidders for the company are now waiting for information from the insolvency administrator about the decision as to which bidder will be successful.  “One of the bidders is Sven Ley, son of Escada founder Wolfgang Ley. He said on Tuesday he had teamed up with the former head of Gucci, Giacomo Santucci, and Italian investment group Borletti to mount a rescue bid. Megha Mittal, daughter-in-law of ArcelorMittal Chief Executive Lakshmi Mittal, has also expressed an interest in Escada. A source close to the family told Reuters Mittal had made an offer.  Another source with knowledge of the matter said Los Angeles-based Oaktree Capital remained involved in the process and had spoken to the insolvency administrator, but it was so far unclear whether it would make a serious bid.”

Here is a link to this article: http://www.reuters.com/article/bankruptcyNews/idUSL425416120091104

 Michael