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American Apparel Secures Up To $43 Million In Rescue Financing -NY Post

DOW JONES NEWSWIRES American Apparel Inc. (APP) has secured rescue financing from a group of private Canadian investors that could pump as much as $43 million into the troubled clothing retailer, the New York Post reported Friday. The deal, struck after several days of talks between the investors and the Los Angeles company's board, calls for putting $15 million into American Apparel up front, with the option of investing an additional $28 million during the next six months. The Post identified one of the investors as Essentia Equity, a firm once headed by Michael Serruya, a Canadian financier who led a bailout of Jamba Juice in 2009. Serruya also co-founded CoolBrands International Inc. One source told the newspaper that American Apparel's chief executive, Dov Charney, is adding $700,000 of his own savings to the $15 million financing deal. Other shareholders will be diluted by the deal, but Charney, who founded the retailer and is also its chairman and biggest shareholder, can reverse the dilution for himself if the stock's value climbs over the next four years. The Canadian investors will be able to exchange their cash and warrants for shares priced at 90 cents -- a discount of more than 27% to Thursday's closing price of $1.24. If they exercise all their warrants, the group would own nearly one-third of American Apparel's total outstanding shares. To ease concerns of Bank of America Corp. (BAC), which provides American Apparel's credit line, the company will carry an additional $5 million in available cash on its balance sheet; the current requirement is $7.5 million. In exchange, the bank waived a debt covenant that would have been breached at the end of April. At Bank of America's insistence, according to one source, American Apparel will likely appoint an executive from FTI Consulting Inc. (FCN) to "keep a close eye on the cash balance." Full story at -Dow Jones Newswires; 212-416-2900

Stock News for American Apparel Inc (APP)
04/20/201519:53:11Amended Statement of Changes in Beneficial Ownership (4/a)
04/20/201519:49:26Amended Statement of Beneficial Ownership (3/a)
04/03/201517:02:15Current Report Filing (8-k)
04/01/201517:27:54Statement of Changes in Beneficial Ownership (4)
04/01/201517:26:32Statement of Changes in Beneficial Ownership (4)
04/01/201517:26:07Statement of Changes in Beneficial Ownership (4)
04/01/201517:25:12Statement of Changes in Beneficial Ownership (4)
04/01/201514:12:00Investigation Into American Apparel, Inc. By Stull, Stull & Brody
03/28/201512:22:59American Apparel Stock Crashing Due To Troubles With Charney
03/28/201510:46:56American Apparel: What To Make Of Falling Sales And $10.3 Million...
03/27/201506:31:30Wall Street Breakfast: Markets Prepare For Yellen Speech
03/27/201504:30:51Charney seeking $40M in damages
03/26/201506:04:40Amended Annual Report (10-k/a)
03/25/201517:20:01Current Report Filing (8-k)
03/25/201517:16:10Annual Report (10-k)
03/25/201517:13:00American Apparel, Inc. Reports Fourth Quarter 2014 Financial...
03/25/201516:54:10Amended Statement of Beneficial Ownership (sc 13d/a)
03/22/201522:12:00Hermandad Mexicana Helps American Apparel Workers Release a Letter...
03/21/201502:16:31American Apparel: Back In Bargain Territory
03/17/201516:21:09Notification That Annual Report Will Be Submitted Late (nt 10-k)

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