SIGNAL APPAREL COMPANY
FILES FOR CHAPTER 11 BANKRUPTCY
SIGNAL APPAREL COMPANY, INC. (SIAY:OTCBB) today announced that it has filed for
Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the
Southern District of New York. The Company is currently in discussions with its
senior lender in connection with debtor-in-possession financing.
The Company also announced that its senior lender has declared the Company in
default under the Company's Revolving Credit, Term Loan and Security Agreement
with the senior lender and declared the Company's entire indebtedness with the
senior lender immediately due and payable.
The Company is currently holding discussions with the senior lender and other
parties concerning its alternatives.
