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Stock Market & Financial Investment News

News Breaks
March 25, 2014
14:33 EDTAPPAmerican Apparel falls after announcing $30.5M secondary offering
American Apparel (APP) shares are down over 19% after the company announced this morning that it has commenced an underwritten public offering of $30.5M worth of shares of its common stock. Roth Capital Partners is acting as sole book-running manager and Brean Capital is acting as co-manager for the offering. American Apparel intends to use the net proceeds of the offering to fund working capital and for general corporate purposes, including its April 2014 cash interest payment on the company’s senior secured notes. WHAT'S NOTABLE: On February 20, the Wall Street Journal noted that American Apparel engaged lawyers at Skadden, Arps, Slate, Meagher & Flom LLP to work on restructuring options as the company faces softening sales and a large debt load. On March 6, American Apparel received a listing notice from the NYSE MKT. On March 18, the company filed to delay its 10-K, noting that it was "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" and adding that it "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." PRICE ACTION: American Apparel is trading down 14.5c, or 19.16%, to 61c per share. Shares of American Apparel have been trading below $1.00 per share since late January.
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September 12, 2014
16:20 EDTAPPAmerican Apparel amends loan agreement with SG, removes Charney default clause
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