Apparel Maker Receives Proposals From 2 Investors
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Cherokee Inc., the debt-heavy Sunland apparel maker, announced it has received proposals from two investors that could lead to infusions of cash equity.
Both proposals require concessions from holders of Cherokee’s 11% senior subordinated notes due in 1999, but neither would affect trade creditors, the company said.
The company said it has hired a financial adviser to evaluate the proposals, and holders of the senior subordinated notes have been asked to form an informal committee.
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