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Republic Factors Corp

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BUSINESS
June 23, 1992 | CHRIS WOODYARD, TIMES STAFF WRITER
The largest secured creditor of Ocean Pacific Sunwear Ltd. has filed a lawsuit against each of OP's major owners demanding payment of the $4.7 million owed on a credit line that once ran as high as $20 million. Republic Factors Corp. in Los Angeles, a company that buys invoices from apparel makers and others, filed the lawsuit last week in Los Angeles Superior Court.
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BUSINESS
June 23, 1992 | CHRIS WOODYARD, TIMES STAFF WRITER
The largest secured creditor of Ocean Pacific Sunwear Ltd. has filed a lawsuit against each of OP's major owners demanding payment of the $4.7 million owed on a credit line that once ran as high as $20 million. Republic Factors Corp. in Los Angeles, a company that buys invoices from apparel makers and others, filed the lawsuit last week in Los Angeles Superior Court.
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BUSINESS
March 24, 1989
Ron Garber has joined Republic Factors Corp., an affiliate of Republic National Bank of New York, as a senior vice president and senior account executive. He previously was senior vice president and regional manager at Meinhard Commercial Western.
BUSINESS
June 20, 1992 | CHRIS WOODYARD, TIMES STAFF WRITER
A "dormant" unit of Ocean Pacific Sunwear Ltd., the swimwear company that sought bankruptcy protection three weeks ago, filed Friday for liquidation. That action by 1200 Valencia Corp., a shell corporation named after the former location of OP's headquarters in Tustin, will have little effect on Ocean Pacific Sunwear and its financial reorganization, Mike Balmages, OP senior executive vice president, said Friday. But it could mean that creditors owed about $500,000 will not get paid, he said.
BUSINESS
September 22, 1992 | CHRIS WOODYARD, TIMES STAFF WRITER
Ocean Pacific Sunwear Ltd., once the undisputed titan of the surf wear industry, filed a plan Monday to emerge from bankruptcy and pay off all of its debts. Under the plan, which must be approved by the U.S. Bankruptcy Court in Santa Ana, OP would distribute 75% of its profit to its two secured creditors and the remaining 25% to unsecured creditors until it is debt-free. At that rate, the company estimates, the secured creditors--Republic Factors Corp.
BUSINESS
November 6, 1992 | CHRIS WOODYARD, TIMES STAFF WRITER
At least two investment groups are showing interest in buying out Ocean Pacific Sunwear Ltd., and pressure is mounting on its owners to accept an offer. While the small group that owns OP has spurned such proposals in the past, the partners may be more inclined to accept now. The company's two secured creditors, Wells Fargo Bank and Republic Factors Corp. in Los Angeles, have started court proceedings to attach the partners' personal assets.
BUSINESS
January 5, 1993 | CHRIS WOODYARD, TIMES STAFF WRITER
Ocean Pacific Sunwear is negotiating its sale to a San Francisco investment group, OP executives said Monday, and an agreement could come soon. The surf-wear licenser, once the giant of the industry, is involved in "substantial negotiation" with Berkeley International Capital Corp., said Michael Balmages, OP's senior executive vice president. "We are extraordinarily close to (signing) a letter of intent with them." No Berkeley representative could be reached for comment.
BUSINESS
June 9, 1992 | CHRIS WOODYARD, TIMES STAFF WRITER
Wells Fargo Bank, trying to recover more than $2 million that it is owed, has filed a lawsuit against Ocean Pacific Sunwear Ltd. and the partners who own the privately held surf-wear giant. And Elaine Ornitz, the partner holding the largest chunk of Tustin-based OP, has disclosed in court papers that the company lost money every year since 1988 while trying to cope with its large debt load.
BUSINESS
April 21, 1993 | GREG JOHNSON, TIMES STAFF WRITER
Ocean Pacific Sunwear, once the undisputed king of the surf-wear industry, won bankruptcy court approval Tuesday to sell its remaining assets to Berkeley Capital Corp. in San Francisco for $17.1 million. In February, Berkeley agreed to pay $21 million in cash and notes for OP's trademarks and licenses. But the investment group lowered its bid after determining that OP's financial projections were "overly optimistic," according to recent bankruptcy court filings.
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