Marc Ecko Enterprises has hired investment bank Peter J. Solomon Co. to help refinance at least
$170 million in debt owed to two key business partners, sources told
The New York Post.
According to the article, Mark Ecko owes more than $100 million to Li
& Fung. It has also defaulted on a term loan of more than
$70 million from a syndicate led by commercial-lending giant CIT,
sources told the newspaper.
“We're pretty confident that this is isn't an issue that's
life-threatening at all,” Michael Golden, chief marketing officer at
Marc Ecko Enterprises, told the Post. “In our case, we have more than
enough assets to pay off that term loan, and we have more than enough
time.”
Golden said the $100 million due to Li & Fung as “normal
trade payables” that fluctuate with seasonal inventory. And while
admitting that “some businesses are doing better than others,” Golden
noted strength in the company's licensing and international units.
