The Small Wonder: The Revival Of AA Clothing Company In America
US apparel chain corporation AmericanApparel raised $14 million 900 thousand on the eve of bankruptcy, avoiding the doom of bankruptcy.
American clothing chain corporation AmericanApparel said a private investment group, headed by Canadian financier MichaelSerruya and DelavacoCapital, sold a portion of the stake through 43% discounts, with a successful financing of $14 million 900 thousand.
AmericanApparel has been facing a decline in sales for a long time. It has recently indicated that if it fails to raise enough capital to continue its operation, the company will have to file for bankruptcy.
According to the latest agreement, new investors can acquire another 27 million 400 thousand shares at the same price within 180 days.
The company said it was also negotiating with the debtors such as Bank of America and LionCapital fund to increase the minimum additional loan requirement from $7 million 500 thousand to $12 million 500 thousand, while increasing the dilution protection rights of LionCapital fund company.
The consultative loan amendment plan is also expected to abandon the requirement that the "normal operation" or similar statement should not be included in the 2010 performance report.
The company's share price fell to $1.4 on Tuesday, rising to $1.5 last year, a drop of 5%.
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