Escada facing the end?

Now it looks like things have gotten worse for Escada. Chairman Bruno Saelzer is said to have told German newspaper Welt Am Sonntag that the company has been talking with insolvency experts. The company has enough liquidity to last until next month but not beyond that. Escada's last ditch efforts include a pitching a debt restructuring plan to its creditors which must be approved by 80 percent of them by July 31. Without that agreement it seems likely that Escada will have to cease trading because this is a bit of a Hail Mary move and all other avenues have already been tried and failed.