Sign agreement ending Rexnord’s suit against Maurice Bidermann.(Rexnord Holdings Inc.)(Brief Article)

Daily News Record May 31, 1995 | Weisman, Katherine PARIS (FNS) – The on-again, off-again financial restructuring of Maurice Bidermann’s European men’s wear operations was on again Tuesday after the major obstacle to its proposed reorganization was removed. web site gold toe socks

Dominique Bouchez, the managing and financial director of Paris-based parent company Bidermann SA and board member of New York-based Bidermann Industries, said that an agreement had been signed in Paris to settle the litigation between Maurice Bidermann and one of his American creditors, Rexnord Holdings Inc.

Rexnord, which holds a $13 million personal judgment against Bidermann, had been blocking Bidermann SA’s attempts to restructure for fear that any restructuring would jeopardize the value of its claim.

The agreement was signed by Maurice Bidermann; Lucien Deveaux, a textile manufacturer, who will be taking over the French Jeffrey Steiner, the president of Rexnord Holdings, and should enable Deveaux and Jama to go ahead with their refinancing and restructuring plans for Bidermann’s European operations. go to website gold toe socks

Bouchez did not disclose the complete terms of the agreement.

Bouchez said that the French parties were pleased to have come to an agreement and to now be able to go ahead with getting Bidermann back on track.

He stressed that the Bidermann operations are not as troubled as they are reported to be in the French press, and said that the company has been on the road to recovery over the last several months.

The agreement reached by Bidermann, Rexnord, Deveaux and Jama applies only to the European operations of Bidermann SA. There was no information regarding the future of Bidermann’s American arm, Bidermann Industries Corp., the New York-based maker of Arrow shirts, Gold Toe socks, Yves Saint Laurent men’s wear and the licensed Ralph Lauren Womenswear collections.

As reported, Bidermann Industries will sell its Great American Knitting Mills unit, maker of Gold Toe socks, to Renfro Corp. Bidermann Industries has been up for sale since last year.

Neither Maurice Bidermann nor Lucien Deveaux could be reached for comment on Tuesday evening. Bouchez said that Bidermann would be announcing more details about the transactions later this week.

Weisman, Katherine