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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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June 23, 2015
07:17 EDTAPPAmerican Apparel unveils Dov Charney’s “sordid” behavior, NY Post reports
American Apparel disclosed “sordid details” of the investigation into founder and former CEO Dov Charney, who recently filed a defamation suit against the company, that resulted in his firing, the New York Post reports, citing a court filing. The filing says that the company found “voluminous evidence” that Charney had “sexual liaisons” with employees and models, exchanged pornographic emails and text messages, and took videos and photographs of these encounters using company property, the report says. Reference Link
June 22, 2015
09:08 EDTAPPAmerican Apparel sued by former CEO Charney, LA Times reports
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June 19, 2015
07:38 EDTAPPAmerican Apparel to host next shareholder meeting in Chicago, NY Post reports
American Apparel will host its next shareholder meeting in Chicago, Illinois for the first time, the New York Post reported yesterday. The company had held its meetings in either Los Angeles or New York for the past nine years and is moving this year's meeting to Chicago to avoid causing a “big commotion” and a lot of media coverage, the report says, citing comments from Michael Bigger of Bigger Capital Fund. Reference Link

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