Judge OKs truce extension between Barneys, Isetan. (Barneys New York, Isetan Co. Ltd., bankruptcy Judge James Garrity Jr.)(Brief Article)

Daily News Record, April, 1996 by Siegel, Jeff

NEW YORK (FNS) - Bankruptcy Judge James Garrity Jr. Wednesday gave his blessing to an agreement between Barneys New York and Isetan Co. Ltd. that officially extends their truce through June 27.

Continuation of the truce, which was expected, gives the two sides another two months to try and determine who owns Barneys' flagship stores on Madison Avenue in New York, in Chicago and in Beverly Hills.

Barneys contends that its business deal with Isetan involved the conversion of Isetan's $600 million capital infusion into an equity stake. Isetan maintains that it owns the three flagship stores, that Barneys owes it rent and that it never agreed to the debt-for-equity swap.

Under the extension agreement, Barneys win pay Isetan $2.16 million or roughly half...

Read the rest of this article with a Free Trial at HighBeam Research.

Premium Content Partnership | HighBeam Research provides an in-depth online archive library of reference works.