Prana back in the hands of private ownership after Claiborne sells
Liz Claiborne Inc. (NYSE: LIZ) has entered into an agreement to sell substantially all of the assets and liabilities of Prana to Prana Living LLC, a company formed by Prana's management team and Steelpoint Capital Partners for a purchase price consisting of a $36.5 million cash payment payable at closing and a contingent cash payment of up to $4.0 million based on actual 2008 EBITDA.
Liz Claiborne Inc. (NYSE: LIZ) has entered into an agreement to sell substantially all of the assets and liabilities of Prana to Prana Living LLC, a company formed by Prana's management team and Steelpoint Capital Partners for a purchase price consisting of a $36.5 million cash payment payable at closing and a contingent cash payment of up to $4.0 million based on actual 2008 EBITDA.