Tropical Sportswear

Client

Tropical Sportswear and its myriad of companies designed, sourced and marketed high-quality branded and retailer private branded apparel products that it sold to major retailers in all levels and channels of distribution. The Company owned brands included Savane®, Farah®, Flyers® and licensed brands included Bill Blass® and Van Heusen®.

Challenge

The Company filed voluntary petitions under Chapter 11 of the United States Bankruptcy code and liquidated nearly all of its assets while in Bankruptcy. The Creditors of the Company needed a Trustee to administer the remaining affairs of the Company including preparation of final tax returns, prosecution of avoidance and other actions, reconciliation of claims, distributions and final dissolution of the Company.

Solution

A Bridge professional was appointed Trustee of the case and is being assisted by Bridge professionals. The team has analyzed and is pursuing hundreds of avoidance actions and is currently pursing a cause of action against former directors and officers of the Company.

Results

Bridge prepared the initial distribution to Creditors on the Effective Date totaling $43 million dollars or 40 cents per allowed claim dollar to general unsecured creditors and is currently pursuing the avoidance actions and D & O litigation.