EXHIBIT 10.56
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Xxxxxx Corporation
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
(000) 000-0000
July 8, 1998
Magten Asset Management Corp.
00 Xxxx 00xx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xx. Xxxxxx X. Xxxxx
Apollo Apparel Partners, L.P.
c/o Apollo Management, L.P.
1301 Avenue of the Xxxxxxxx, 00xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Mr. Xxxxxx Xxxx
Xx. Xxxxxx Xxxxx
RE: XXXXXX CORPORATION ("SALANT")
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Gentlemen:
Reference is made to that certain letter agreement, dated March 2,
1998, by and among Magten Asset Management Corp., as agent on behalf of
certain of its accounts ("Magten"), Apollo Apparel Partners, L. P.
("Apollo") and Xxxxxx, as amended by that certain letter agreement, dated
June 1, 1998 (the "Letter Agreement"). Capitalized terms not otherwise
defined herein shall have their respective meanings set forth in the Letter
Agreement.
Xxxxxx, Magten and Apollo hereby agree to amend the Letter Agreement
as follows:
1. Amendment of Section 4(b). Section 4(b) of the Letter Agreement is
hereby amended in its entirety to read as follows:
"b) the Exchange Offer shall not have commenced on or before
August 31, 1998; "
Except as hereinabove amended, the Letter Agreement remains in full
force and effect in accordance with its terms.
Please indicate your agreement to the foregoing by executing a copy of
this letter where indicated below and returning it to us.
Very truly yours,
XXXXXX CORPORATION
By: /s/ Xxxx Xxxx
-----------------------------
Name: Xxxx Xxxx
Title: EVP & General Counsel
Accepted and Agreed as of
the date first written above
MAGTEN ASSET MANAGEMENT
CORP., as agent on behalf of certain
of its accounts
By: /s/ Xxxxxx X. Xxxxx
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Name: Xxxxxx X. Xxxxx
Title: Chairman
APOLLO APPAREL PARTNERS, L.P.
By: AIF II, L.P., its General Partner
By: /s/ Xxxxxx Xxxxx
---------------------------------
Name: Xxxxxx Xxxxx
Title:
