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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 http://www.nypost.com/p/news/business/more_love_for_dov_cZ3WGYJChi9kLciHzLi8SN -Dow Jones Newswires; 212-416-2900

Stock News for Fti Consulting (FCN)
DateTimeHeadline
02/12/201609:15:03Amended Statement of Ownership (sc 13g/a)
02/11/201612:46:18Schedule 13g<br /> (sc 13g)
02/10/201610:54:29Amended Statement of Ownership (sc 13g/a)
02/09/201615:52:28Amended Statement of Ownership (sc 13g/a)
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01/21/201614:10:13Statement of Changes in Beneficial Ownership (4)
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01/12/201616:25:22Current Report Filing (8-k)
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