American Apparel Up Against the Wall

MacFayden, Ken
May 2010
Mergers & Acquisitions Report;5/24/2010, Vol. 23 Issue 21, p16
The article discusses the impact of the second lien facility of Lion Capital on American Apparel. Keybanc Capital Markets analysts relates that a liquidity event is made by a combination of tight covenants and a continuation of weak operating trends. It notes that the warrants of Lion Capital account for 18% of the company's total equity holdings. Moreover, American Apparel will cooperate with Lion Capital to amend the loan ahead of the default.


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