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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Asia Pacific World Hearings adjourned on Emirati bid for Christian Lacroix AFP - Wednesday, October 28 Send IM Story Print Louis Petiet (L), head of Bernard Krief consulting, a potential buyer of French fashion designer Christian Lacroix House that filed for bankrupcy in July, speaks with the head of Lacroix House, Nicolas Topiol (R). A French tribunal on Tuesday adjourned hearings on a bid by an Emirati sheikh to take over Christian Lacroix, four months after the couture house filed for bankruptcy, participants said. PARIS (AFP) - – A French tribunal on Tuesday adjourned hearings on a bid by an Emirati sheikh to take over Christian Lacroix, four months after the couture house filed for bankruptcy, participants said. Citing procedural delays, the Paris competition tribunal set a new hearing for November 17, said a lawyer representing Sheikh Hassan Ben Ali al-Naimi. The United Arab Emirates sheikh, who is close to the ruling family of the Ajman emirate, stepped in last month to take over the fashion house after Italian retailer Borletti withdrew its offer. He made a formal 100-million-dollar offer for Christian Lacroix this month, in partnership with the designer, and is regarded as the frontrunner among the takeover bidders. The others are Bernard Krief Consulting and La Financiere Saint Germain. Judicial administrator Regis Valliot has said it was "likely" the tribunal would approve the sheikh's offer because of his commitment to save jobs, tackle the company's bills and rescue the fashion house. Christian Lacroix chief executive Nicolas Topiol said the sheikh's bid was "entirely satisfactory for all parties, including Mr Christian Lacroix." But Valliot said the court was unwilling to rule on the takeover until an economic recovery plan had been finalised for the ailing house, which opened in 1987 and released its first ready-to-wear collection the following year. "It's just a matter of procedure. On November 17 it will examine both," Valliot said. The final decision from the Paris tribunal is expected at a later date. Acquired from the world's leading luxury giant LVMH in 2005 by US duty free giant Falic, Lacroix said it had been forced to declare insolvency due to the sharp downturn of the luxury market. Recommend Send IM Story Print Related Articles Naomi Campbell sued over cosmetics sales Reuters - 2 hours 8 minutes ago Forget recession, let's throw a "Mad Men" party Reuters - 2 hours 19 minutes ago Hulk Hogan's personality shines in his memoir AP - Wednesday, October 28 France fines black comic for anti-Semitism AFP - Wednesday, October 28 World's biggest cruise ship offers activity extravaganza AFP - Wednesday, October 28 News Search Top Stories France's Sarkozy announces 1.65-billion-euro farm aid plan Obama unveils historic power grid reform US consumer confidence tanks S.Africa, Lesotho among top 10 in gender equality Eurozone lending contracts for the first time: ECB More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Polanski victim calls for dismissal of case Euro hits fresh 14-month highs against dollar Barclays snaps up Standard Life Bank division Electrolux to close two US plants NASA counts down to Mars rocket test More Most Viewed » Boyzone singer Gately dies in Spain Mobile phone giant Nokia sues Apple over patents More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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