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News Breaks
March 18, 2014
17:32 EDTAPPAmerican Apparel to delay filing 10-K
The company is in the process of preparing its plan of compliance in response to the letter the company received from NYSE MKT indicating that the company is not in compliance with the continued listing standards of the NYSE MKT set forth in Section 1003(a)(iv) of the NYSE MKT Company Guide. As previously disclosed, in order to maintain its listing, the company must submit the plan of compliance by March 21 addressing how it intends to regain compliance with Section 1003(a)(iv) of the company Guide by April 15, and management has devoted considerable resources to the development of the Plan of Compliance. The company is also actively pursuing several possible financing alternatives as a means to increase the company’s available cash to fund debt service requirements and operational needs. Also, as previously disclosed, the company is engaged in discussions with Capital One Business Credit Corp. with respect to a waiver of the company’s noncompliance with, and event of default resulting from such noncompliance with, certain financial maintenance covenants under its credit facility with Capital One Business Credit Corp. for the fourth quarter of 2013 and an amendment to the Capital One Credit Facility that would reset such covenants going forward. The foregoing matters have had an adverse impact on the company’s ability to timely complete its Annual Report. The company’s staff and resources have been substantially committed to developing the Plan of Compliance and seeking financing alternatives, including its discussions with Capital One Business Credit Corp. In addition, any financing transaction or amendment and waiver with respect to the Capital One Credit Facility, depending on whether or not it were completed and the terms thereof, would impact the company’s financial statements disclosures as of and for the year ended December 31, 2013 and other information required to be disclosed in the Annual Report. The company would use the net proceeds from any such financing transaction to fund the Company’s near-term interest payments on certain of its indebtedness, including the April interest payment on its senior secured notes, and other liquidity needs. No assurances can be given that the Company will be successful in consummating any financing transactions or in obtaining any amendment and waiver of the Capital One Credit Facility when expected, or at all. In light of the foregoing, the process of completing the financial statements and the related information required to be included in the Annual Report could not be completed by the scheduled filing deadline for the Annual Report.
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August 19, 2014
09:15 EDTAPPAmerican Apparel price target raised to $1.25 from $1 at Roth Capital
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August 18, 2014
17:19 EDTAPPAmerican Apparel sees FY14 adjusted EBITDA $40M-$45M
17:18 EDTAPPAmerican Apparel reports Q2 EPS (9c), consensus (6c)
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August 12, 2014
17:39 EDTAPPAmerican Apparel reports estimated Q2 EPS (9c), one estimate (6c)
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16:48 EDTAPPAmerican Apparel files to delay 10-Q
As previously disclosed, five of the seven directors of American Apparel resigned on July 9, and four new board members were appointed to fill the vacancies resulting from such resignations on August 2, and one new board member was appointed to fill the remaining vacancy on August 8. The new board needs additional time to review the financials and ask questions of management before the Company is in a position to finalize the financials to the Quarterly Report on Form 10-Q for the quarter ended June 30. In light of the foregoing, the process of completing the financial statements and the related information required to be included in the Quarterly Report could not be completed by the scheduled filing deadline for the Quarterly Report.

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