Exhibit 99
For: Kasper A.S.L., Ltd.
Contact: Gwen Gepfert
Chief Financial Officer
(201) 864-0328
David Lilly
Dawn Dover
Jim Fingeroth
Kekst and Company
(212) 521-4878
FOR IMMEDIATE RELEASE:
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KASPER A.S.L., LTD. ANNOUNCES AMENDED AGREEMENT WITH BANKS
TO PROVIDE MORE LIQUIDITY, FINANCIAL FLEXIBILITY
SECAUCUS, NJ, NOVEMBER 20, 2000 - Kasper A.S.L., Ltd.
(Nasdaq: KASP) announced today that it has entered into an amended agreement
with the lenders of the company's Revolving Credit Facility, led by The Chase
Manhattan Bank, that will enhance the company's liquidity and financial
flexibility and waive compliance with certain financial covenants and all
existing defaults. As previously announced, the Company did not make its
September 30, 2000 semi-annual interest payment of approximately $7.2 million to
holders of its 13% Senior Notes.
Kasper is currently engaged in discussions with an ad hoc
committee of its noteholders for the purpose of reaching a restructuring that
will allow the company to meet its obligations and enhance its short- and
long-term ability to pursue its strategic plans.
Kasper A.S.L., Ltd. is a leading marketer and manufacturer
of women's suits and sportswear, as well as career dresses. The Company's
product lines are sold in over 2,000 retail locations throughout the United
States, Europe, the Middle East, Southeast Asia and Canada, and the Company's
retail outlet stores. The Company currently distributes its products under the
KASPER A.S.L.(R), ANNE KLEIN(R), ANNE KLEIN2(TM), A LINE ANNE KLEIN(TM),
LeSUIT(R), and ALBERT NIPON(R) labels. The Company also licenses its ANNE
KLEIN(R), ANNE KLEIN2(TM), KASPER(R) and ALBERT NIPON(R) labels for various
men's and women's products.
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This press release contains forward-looking statements
within the meaning of the U.S. federal securities laws. Such forward-looking
statements are not guarantees of future performance and are subject to a number
of risks and uncertainties that could cause actual results to differ materially
from those forward-looking statements. For a discussion of those risks and
uncertainties, please see "Disclosure Regarding Forward-Looking Information" in
Kasper's Quarterly Report on Form 10-Q, filed with the U.S. Securities and
Exchange Commission on November 16, 2000. The Company undertakes no obligation
to release publicly the results of any revisions to these forward looking
statements that may be made to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events. Investors are also
directed to other risks discussed in documents filed by the Company with the
Securities and Exchange Commission.
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