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UMBRO SETS REFINANCING PLAN STILL NEEDED TO BE WORKED OUT

          The refinancing of Umbro "could take another two months
     to complete," according to Patrick Harverson of the
     FINANCIAL TIMES.  Umbro CEO Larry Ramaekers said that the
     company was looking to raise "substantial new capital" but
     had "still to decide on what sort of refinancing to pursue,"
     with options including issuing subordinated debt or equity,
     or securing bank financing or bridge loans.  Ramaekers also
     said the aim was to float an IPO within "one to three"
     years.  Umbro is owned by SC-based Stone Manufacturing and
     it is believed "differences of opinion among family members"
     is one of the reasons behind Umbro's indecision on
     refinancing (Patrick Harverson, FINANCIAL TIMES, 2/28).  

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