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April 06, 1993|From Times Staff and Wire Reports

Leslie Fay Files Chapter 11: The clothing company, in crisis since irregularities appeared in a year-end audit, filed for bankruptcy court protection. The company said it also received a one-year, $100-million loan after the filing from Citibank. The company's credit dried up after an audit showed false entries in its accounts had boosted profit. The company said an investigation is underway. With approval from the bankruptcy court in Manhattan, $50 million will be available on an interim basis, and the balance after final court approval. The company said it had assets of $440 million and liabilities of $260 million, as of Jan. 2.

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