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American Apparel Avoids Bankruptcy
Lion Capital has decided to spare American Apparel from bankruptcy, for now.
As part of the new agreement, AA must increase their profitability to stay in their lender's good graces. By January 31st of next year, the clothing company must have made $20 million in earnings before interest, taxes, depreciation, and amortization over the past 12 months.
If they make it to 2013, Dov Charney & Co. will have to pull in $80 million to still be in compliance with the new terms set by Lion Capital.
Think they can do it???
[Image via AP Images.]
Tags: bankruptcy, lender, lion capital, saved
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