TIMELINE-The rise and fall of German fashion house Escada
Aug 12 (Reuters) - German luxury fashion house Escada ESCG.DE has failed to get sufficient backing for its debt swap plans and said it would file for insolvency this week. [ID:nLB66261]
Here is a timeline of the rise and fall of Escada:
1976 - Margaretha and Wolfgang Ley found Escada in Munich
1986 - Escada floats its shares on the stock market
1992 - Margaretha Ley, its chief designer, dies
2005 - Escada issues 200 million euro bond maturing in 2012
2006 - Wolfgang Ley hands over CEO post to Frank Rheinboldt
June 2007 - Jean-Marc Loubier becomes CEO
June 2008 - Wolfgang and Michael Herz agree to acquire stake in Escada through a capital increase
July 2008 - Bruno Saelzer becomes CEO
March 2009 - Escada says needs fresh capital urgently
April 2009 - Escada launches refinancing package, CEO Saelzer urges share- and bondholders as well as banks to back measures saying the "only alternative would be Escada's insolvency"
June 29, 2009 - Tender period for Escada's bond exchange starts
July 15, 2009 - Extends "early bird" offer period as only 37 percent signed up to bond swap -- less than the expected 80 percent
July 29, 2009 - Escada improves bond exchange offer
Aug. 11, 2009 - Tender period ends, 46 percent of the bondholders sign up to the exchange, less than the needed 80 percent. Escada says it will file for insolvency.
(Editing by John Stonestreet)
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