Gerry Weber International Ag has announced that in the ongoing insolvency proceedings under self-administration, the company has received 49.2 million euros (55 million dollars) in funding from Robus Capital Management Ltd. and Whitebox Advisors LLP.
Commenting on the development, Johannes Ehling, spokesman of the managing board of Gerry Weber International AG, said in a statement: "We are delighted to have found Robus and Whitebox as strong partners with great experience and standing in the fashion industry. Today’s binding agreements provides clarity and security for our customers, business partners and staff. Now, and with new vigor, we can continue with the further implementation of our operative repositioning and restructuring."
The company added that currently ongoing implementation of the restructuring concept of Gerry Weber will continue within the interest of the creditors of the company and the creditors assembly, which needs to approve the insolvency plan, is expected to take place within the third quarter of 2019. The company aims to conclude the insolvency proceedings in late fall this year.
Since January 25, 2019, the company has been undergoing insolvency proceedings under self-administration. Regardless of the ongoing insolvency proceedings, the company further said, financing of the ongoing operations of Gerry Weber is secured well into the year 2020.