Employees complete finishing on pantyhose inside Sheertex, a textile company that makes unbreakable by human hands pantyhose in Montreal, Quebec, December 20, 2019. (Christinne Muschi /The Globe and Mail)Christinne Muschi/Christinne Muschi/The Globe and
A.Y.K. International Inc., the maker of Secret and Silk pantyhose, has struck a deal to purchase insolvent Sheertex parent SRTX Inc.
SRTX and three affiliates last week filed a notice of intention last week to make a proposal under the federal Bankruptcy and Insolvency Act, with PricewaterhouseCoopers Inc. acting as trustee.
The deal, which requires court approval, would be structured as a “reverse vesting” deal, meaning that assets and liabilities that…