New User:

-or-
Username:
Password:
Forgot your password?

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.
News For APP From The Last 14 Days
Check below for free stories on APP the last two weeks.
Sign up for a free trial to see the rest of the stories you've been missing.
July 23, 2014
18:05 EDTAPPAmerican Apparel names four new board members, including one woman
Subscribe for More Information
13:13 EDTAPPAmerican Apparel hopes to resolve Dov Charney situation by August, Reuters says
Subscribe for More Information
July 18, 2014
17:25 EDTAPPStandard General working with American Apparel to restructure loan
On July 16, Lion/Hollywood assigned its rights and obligations as a lender under the credit agreement dated as of May 22, 2013 by and among the company, the facility guarantors party thereto, Lion/Hollywood as the initial lender and the other lenders party thereto to Standard General. Standard General purchased the loan in order to resolve any disputes over any alleged events of default under the credit agreement and does not believe that there has been an event of default under the credit agreement. Standard General is working with American Apparel to restructure the loan. As previously discussed on July 11, Standard General is prepared to lend its credibility and capital resources to assist American Apparel in accordance with the support agreement described therein.

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use