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Yikes!
After posting a first quarter loss of $17.6 million, American Apparel is thiiiis close to breaching it's second-lien loan of $80 million from Lion Capital.
If Dov Charney & Co. don't come get their shiz together by June 30, the company may default which would prevent them from borrowing under their credit facility.
Hopefully they can sort their issues out or there's going to be lots of angry hipsters.
[Image via AP Images.]
Tags: default, hipsters, lien, lion capital, loan
Posted: May 19, 2010 at 6:00 pm
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