NEW YORK, Oct. 19, 2012 (GLOBE NEWSWIRE) -- HMX Acquisition Corp. today announced that it has filed voluntary Chapter 11 petitions. In conjunction with the filing, the Company's existing lender has ratified and re-affirmed up to a $65 million credit facility. The DIP facility, subject to additional terms and conditions, provides immediate liquidity while the Company pursues strategic alternatives, enabling the Company to pay vendors for goods and services received after the filing. In addition, HMX Acquisition Corp. is seeking customary authority from the Court to continue operating its business in the ordinary course.
The Company will to continue operating its business in the normal course as management focuses on preserving value for the benefit of all stakeholders.
In conjunction with the filing, HMX Acquisition Corp. has filed a motion seeking approval of the stalking horse bid with Authentic Brands Group, LLC. Authentic Brands Group will provide a long term license of HMX's brands to a new entity which will continue to retain the company's employees, operate the existing brands, and operate the company's manufacturing facilities.
The Company's Canadian affiliates have not sought bankruptcy protection.
About HMX Group
HMX Group is America's leading tailored clothing company, with a diverse portfolio of brands, both owned and licensed, that are distributed through all domestic retail channels and internationally. HMX's most prominent brands include Hickey Freeman, Coppley, Christopher Blue, Bobby Jones*, Argyle Culture*, Austin Reed*, Sansabelt and Hart Schaffner Marx, the brand worn by U.S. presidents past and present. North American tailored clothing manufacturing is based in Rochester, New York; Des Plaines, Illinois; and Hamilton, Ontario. The privately-held U.S.-based company acquired assets of the company formerly known as Hartmarx Corporation in August, 2009.
*The referenced trademarks are licensed to and not owned by HMX Group or an affiliated company.
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