Escada attracts more than 10 suitors

Escada

MUNICH, Oct 8 (Reuters) - Insolvent German luxury fashion house Escada (ESCG.DE) has attracted interest from more than 10 potential investors, a source close to the matter told Reuters.

Some 10-20 investors, including fashion companies, financial investors and wealthy families from all over the world had handed in non-binding offers to Escada's insolvency administrator, the source said on Thursday 8 October.

Escada and the insolvency administrator declined to comment.

Investors with the most promising offers would get to study Escada's books, the source said, adding final offers were due by the end of the month and the plan was to present Escada's new owner to the public at the beginning of November.

The best proposal to secure Escada's future would win, and not necessarily the highest bid, the source said, adding Escada should be sold preferably as a whole.

Escada is running out of time. It needs about 30 million euros ($44.33 million) in fresh capital, the source said.

A different source close to the situation told Reuters last month that Escada's money would only last until December.

Escada filed for insolvency in August after it failed to gather sufficient support for a bond exchange. (Reporting by Peter Maushagen; Editing by Dan Lalor)