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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.
News For APP From The Last 14 Days
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December 19, 2014
09:28 EDTAPPOn The Fly: Pre-market Movers
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09:14 EDTAPPIrving Place offers $1.30-$1.40 per share for American Apparel, WSJ says
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December 18, 2014
18:22 EDTAPPOn The Fly: After Hours Movers
UP AFTER EARNINGS: Red Hat (RHT), up 9.3%... Pier 1 Imports (PIR), up 8%... NQ Mobile (NQ), up 9.3%... Cintas (CTAS), up 6.3%. ALSO HIGHER: Aratana Therapeutics (PETX), up 25.9% after candidate for dog osteoarthritis shows positive results... Ally Financial (ALLY), up 5% after announcing that it will exit the Troubled Asset Relief Program. DOWN AFTER EARNINGS: Nike (NKE), down 2.7%. ALSO LOWER: American Apparel (APP), down 2.8% after New York Post reports on takeover bid.
15:55 EDTAPPAmerican Apparel jumps 47% after NY Post reports on takeover bid
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15:54 EDTAPPAmerican Apparel gets takeover bid valuing it at $1.30-$1.40/share, NY Post says
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06:04 EDTAPPAmerican Apparel could become takeover candidate, LA Times reports
American Apparel recently terminated former president and CEO Dov Charney for cause, and now rumors are swirling that the apparel company could become a takeover candidate, The LA Times reports, adding that new CEO Paula Schneider could "lift the retailer out of doldrums," or a buyer could make an offer. Schneider says she will soon decide on a strategy to turn around the company. Reference Link
December 17, 2014
09:22 EDTAPPOn The Fly: Pre-market Movers
HIGHER: Auspex Pharmaceuticals (ASPX), up 83.1% after Phase 3 trial of SD-809 met primary efficacy endpoint... Volcano (VOLC), up 55.3% after Philips (PHG) announced it will acquire the company for $18.00 per share... Paramount Gold and Silver (PZG), up 35.9% after announcing a merger agreement with Coeur Mining... Cerus (CERS), up 17.8% after FDA approves Intercept Blood System... American Apparel (APP), up 15.5% after terminating Dov Charney for cause... TASER (TASR), up 6.1% after LAPD purchases 860 AXON body-worn video cameras... Idera Pharmaceuticals (IDRA), up 5.9% after being called a top 2015 small cap pick at Piper Jaffray... Kandi Technologies (KNDI), up 7.5% after selling 1,000 electric vehicles to Chengdu City... Stillwater Mining (SWC), up 2.7% after being upgraded to Buy from Neutral at Goldman. DOWN AFTER EARNINGS: FedEx (FDX), down 3.5%... Joy Global (JOY), down 1.7%. ALSO LOWER: POZEN (POZN), down 13.1% after receiving a second complete response letter from the FDA for Yosprala... Cliffs Natural (CLF), down 13.1% after price target cut to $1 from $10 at Credit Suisse... Coeur Mining (CDE), down 2.8% following merger agreement with Paramount Gold and Silver.
December 16, 2014
18:19 EDTAPPOn The Fly: After Hours Movers
UP AFTER EARNINGS: Dave & Buster's (PLAY), up 7.3%... Darden Restaurants (DRI), up 1.6%. ALSO HIGHER: Auspex Pharmaceuticals (ASPX), up 66.5% after Phase 3 trial of SD-809 met primary efficacy endpoint... Cerus (CERS), up 26.6% after FDA approves Intercept Blood System... American Apparel (APP), up 8.6% after terminating Dov Charney for cause. DOWN AFTER EARNINGS: Heico (HEI), down 1%. ALSO LOWER: Cliffs Natural (CLF), down 10% after price target cut to $1 from $10 at Credit Suisse... Linn Energy (LINE), down 3% after being downgraded to Neutral from Outperform at RW Baird.
16:13 EDTAPPAmerican Apparel terminates Charney for cause, names Schneider as CEO
The board of directors of American Apparel announced that it has appointed Paula Schneider as CEO, effective January 5. This appointment follows the termination of Dov Charney, former President and CEO, for cause in accordance with the terms of his employment agreement. Scott Brubaker, who has been serving as Interim CEO, will continue in the post until Schneider joins the company, after which he will remain as a consultant to ensure an orderly transition. Charney was suspended as president and CEO by the Board on June 18 for alleged misconduct and violations of company policy. Under terms of an agreement signed by Charney on July 9, a special committee of the board oversaw an internal investigation conducted by FTI Consulting into the allegations against Charney. Based on this investigation, the special committee determined that it would not be appropriate for Charney to be reinstated as CEO or an officer or employee of the company. While under suspension as CEO, Charney had been serving as a consultant to the Company. This relationship has now been terminated.
16:12 EDTAPPAmerican Apparel terminates Dov Charney for cause
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