Hartmarx Corp.(fka HTMXQ)

[Value_Investor]

Here is today's breaking news for HTMXQ:

Authentic Brands Bid Wins HMX
By: David
Posted: Dec 18, 2012


The stalking horse prevailed.

Authentic Brands Group's bid for HMX has been accepted, according to James "Jamie" Salter, chief executive officer of Authentic, and Doug Williams, CEO of HMX.

"We won, we won, we won," Salter told Zee Tuesday. He said the objections raised during the bankruptcy process have been resolved and the union representing HMX's 1,100 workers, as well as the unsecured creditors are on board.

"It's a good day for 1,100 families," Williams said. "We're very proud of what we were able to accomplish."

Under the terms of the deal, Williams' new company, W Diamond Group Corp., will operate the former HMX, and management, the workers and the unsecured creditors will be given a percentage of future distributions. "It's not an equity stake but it's set up to help all the constituents to share in the future success of the company," Williams said.