Tropical Sportswear seeks OK to hire financial adviser

By Caroline Salls

Pittsburgh, May 24 - Tropical Sportswear International Corp. is seeking authorization to hire Bridge Associates LLC as financial adviser, according to a Tuesday filing with the U.S. Bankruptcy Court for the Middle District of Florida.

Tropical said Bridge's Gary W. Burns would serve as liquidating trustee to oversee the disposition of assets and distributions to creditors in connection with the company's sale to Perry Ellis International Inc., which was approved on Feb. 10.

Because Bridge needs time to become acquainted with Tropical and its assets, Tropical said it is "imperative" for Bridge to serve as financial adviser before the plan of liquidation becomes effective by June 18.

Under the plan, which was confirmed on May 18, all of Tropical's assets, including the proceeds from the sale to Perry Ellis, will be transferred to the creditors' liquidation trust.

The Tampa, Fla.-based apparel designer and marketer filed for bankruptcy on Dec. 16. Its Chapter 11 case number is 04-24134.

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