Shares in German fashion company Escada (ESCG.DE) plunged 24 percent on concerns that the company's bond swap offer may not get the approval rate needed for it to be successful.

Escada Sport Autumn-Winter 2009

"Apparently, investors do not believe that Escada will reach the approval rate it aims for," a trader says.

The tender period to exchange 200 million euros ($283.3 million) of old bonds into new ones ends on Tuesday 11 August at 1300 GMT and the company needs an 80 percent approval rate to launch the next step of its rescue plan, an almost 30 million euro capital hike. The company said on Monday 10 August that if the bond exchange fails, it would file for insolvency later this week.

($1=.7059 Euro)