Updated as of June, 14 2019 4:00 p.m. ET
Minimum 20 Minute Delay
PLAYTEX INDUSTRIES, INC. filed this Form S-4 on 12/10/2010
GFSI HOLDINGS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
7. REDEEMABLE PREFERRED STOCK
The holders of Series A, B and C preferred stock are entitled to annual dividends. The dividend has been accrued annually and the annual payment deferred since 1997. Mandatory redemption of Series A, B and C Preferred Stock at $1,000 per share plus accrued and unpaid dividends is to occur on March 1, 2014.
The Series E 10% Cumulative Preferred stock was issued pursuant to the Gearcap management buyout of the Company (see note 12). Mandatory redemption of Series E Preferred Stock at $1,000 per share plus accrued and unpaid dividends is to occur on September 1, 2017.
Redeemable preferred stock consists of the following:
(in thousands, except share data)
Series A 12% Cumulative Preferred Stock, $0.1 par value 1,259 shares outstanding at July 3, 2010
Series B 12% Cumulative Preferred Stock, $0.1 par value, 1,445 shares outstanding at July 3, 2010
Series C 12% Cumulative Preferred Stock, $0.1 par value, 329 shares outstanding at July 3, 2010
Series E 10% Cumulative Preferred Stock, $0.1 par value, 8,603 shares outstanding at July 3, 2010
The Company also has 1,144 shares of Series F Senior Preferred Stock outstanding at July 3, 2010 which represents 10.22% of its fully diluted voting shares outstanding. The Series F Senior Preferred Stock does not carry a mandatory redemption value but does have a liquidation preference senior to all existing classes of the Companys preferred and common shares in the event of the sale, liquidation, dissolution or wind-up of the Company.
8. PROFIT SHARING AND 401(K) PLAN
The Company has a defined contribution (401k) plan which includes employee directed contributions with an annual Company matching contribution of 50% on up to 4% of a participants annual compensation. In addition, the Company may make additional profit sharing contributions at the discretion of the Board of Directors. Participants exercise control over the assets of their account and choose from a broad range of investment alternatives. Contributions made by the Company to the plan totaled $358,000 for fiscal 2010.
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