Finally some good news for Rock & Republic!
After filing for bankruptcy back in April, the pricey denim brand has been saved by Bluestar Alliance.
The New York firm is forking over $60 million to R&R that will help pay off their $41 million debt to creditors.
There is one downside to the new agreement.
Douchey CEO Michael Ball will remain in his creative position even though he was the one that drove the company into bankruptcy.
Hopefully Bluestar won't let him screw over his company again.
[Image via Adriana M. Barraza/WENN.]
Tags: bailed out, bankruptcy, bluestar alliance, chapter 11, michael ball, rock and republic
What a douche!
After filing for Chapter 11, Rock & Republic CEO Michael Ball is refusing to give up his position even though it's in the best interest for the company.
Investors see Michael as being "radioactive" and "too erratic for the taste of a lot of people circling the company".
Ball has already effed up royally after refusing a $15 million refinance offer from rival denim company's Richard Koral of Seven For All Mankind, just days before filing for bankruptcy. According to a source close to the situation:
"Ball wasn't returning [Koral's] phone calls. He kept insisting the company was worth $100 million and that he could pay [Koral] back. Now, they'll be lucky to get $40 million, and the clock is ticking."
Unfortunately for Rock & Republic, 7 Jeans may get the last laugh.
On Wednesday a judge is deciding whether or not to move the bankruptcy case from New York to El Lay. If it does get moved to the West Coast, Richard may have the upper hand on Ball considering Los Angeles' creditor-friendly bankruptcy courts.
[Image via Getty Images.]
Tags: bankruptcy, michael ball, rock and republic, seven for all mankind