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PHOENIX SLOGS THROUGH: Though Phoenix Footwear Group Inc. posted a third-quarter profit, a black cloud of uncertainty hovered over the company. Phoenix, which has submitted a plan to regain compliance with the New York Stock Exchange after receiving a delisting notice in October, said last Monday that it earned $60,000, or 1 cent a share, in the third quarter, up from a loss of $2.1 million, or 26 cents, the prior year. An additional charge related to a divestiture of one of its businesses pulled down the quarter’s earnings more than previously expected, the company said. Revenues from continuing operations decreased 32 percent to $5.5 million. Phoenix said in a subsequent filing with the Securities and Exchange Commission that it has been in default with Wells Fargo on a credit facility since September 2008 and that, since then, the firms have signed several forbearance agreements, the last of which defers to Nov. 30. Phoenix said it does not have enough cash to pay its bank debt in full and that it is in negotiations with several sources to refinance its credit line by Nov. 30. The filing said if Phoenix does not receive another forbearance agreement from Wells Fargo, the bank may foreclose on its assets, which would put into doubt the firm’s ability to continue as a going concern.

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