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In Brief: Dep Chapter 11

This article was originally published in The Rose Sheet

Executive Summary

Dep Chapter 11: Effective Nov. 4, Dep will emerge from bankruptcy, following the Wilmington, Del. U.S. Bankruptcy Court acceptance of the company's Chapter 11 reorganization plan Oct. 23. Under the plan, approved by an official committee representing company's unsecured debtors in August, Dep's lender group, led by Los Angeles-based Foothill Capital Corp., will provide long term financing of $62 mil. at an interest rate of 2% in return for an 8.6% stake in the company or 542,488 shares and $150,000 in cash ("The Rose Sheet" Aug. 26, p. 9). The lender group will also receive warrants to purchase an additional 330,050 shares. Dep will reclassify existing stock, giving all common shares equal voting rights. Dep filed for bankruptcy April 1 with total liabilities of $77.3 mil., comprising $62.2 mil. in secured debt and $15.1 mil in unsecured debt, and assets of $84 mil...

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Marketing In Brief

ModiFace launches forecasting tool: Toronto-based virtual makeover firm introduces ShadeCast, a makeup sampling and forecasting tool based on behavioral tracking. ShadeCast is used in conjunction with iPhone application MakeUp, which allows consumers to virtually try on makeup in hundreds of shades from brands including Revlon, Cover Girl, Lancome and Clinique. ShadeCast offers 1,000 cosmetic shades from 40 brands and assigns a ShadeScore "to approximately position the [app's] hottest and most sampled color." ModiFace exec Nikkie Gatto likens the app to radio music playlists, helping consumers "looking to capture the current look, but also provide vital market intelligence to our retail channel partners," she says in Nov. 3 release. "The value of data to demonstrate the aggregate behavior will help the industry predict the latest trends and help cosmetic manufacturers better understand the color and products which most resonate with online and iPhone virtual makeover users," the company says
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