The recapitalization occurred over September andOctober when the Lenexa, KS apparel company amended and extended its revolverto Jan. 15, 2006, formed a DE limited liability firm called Gearcap LLC andissued shares of its common stock and preferred stock in exchange for $30million in 11.375% senior notes. The shares were issued to a GFSI managementgroup, giving it 90% of the holdings. Additionally, GFSI, Inc. also purchased$30 million of the notes, giving the company and management 71% of the company.The remaining 29%, or $24 million of notes, is owned by an undisclosed thirdparty.

As for Q1 results, GFSI reported a 28% increase in ... Log in to view full article.