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American Apparel announces extension of credit facilities
22
Dec '08
American Apparel Inc announced that it has entered into amendments to its revolving credit facility and its second lien credit facility which extend the maturities of these loans for three months. The amendments, which also modify certain covenants and impose additional obligations, provide the company with the ability to operate its business according to its plan while continuing discussions with its lenders and other parties regarding longer-term financing. The company has filed copies of these amendments and related documentation with the Securities and Exchange Commission on a Form 8-K.

Dov Charney, Chairman and Chief Executive Officer commented, “We are pleased to have secured these extensions to our loan maturities given the current difficulties in the credit markets. We have also had discussions with our lenders about the possibility of lengthening the maturity of our debt into 2010, and we will continue these discussions while we pursue other financing alternatives.”

Mr. Charney continued, “Our business has remained encouraging during the holiday season. We are set to close out a strong 2008 for American Apparel, in which we expect to have opened at least 80 retail stores and to have reported a double digit same-store sales increase over 2007. Most importantly, we look forward to continuing to enhance the productivity of our retail stores and drive free cash flow in 2009.”

American Apparel Inc

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