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American Apparel in Talks with Lion Capital over $10 Million Loan

Richard Collings
6/27/14 4:17 PM EDT
American Apparel, the Los Angeles-based clothing retailer, is in talks with one of its lenders Lion Capital over a $10 million loan. According to terms of that loan, it could be declared in default as a result of the removal of American Apparel's founder Dov Charney as CEO. American Apparel's co-chairman Allan Mayer said that if Lion Capital does call the loan, the company has sufficient access to capital to pay it off. The underwear retailer's financial adviser Peter J. Solomon was given a mandate by the company's board to find sources of capital at a reasonable rate. But continuing to complicate the matter is the specter of legal action by Charney, as his desire is to stay involved at the company he founded.
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