American Apparel Creditor Demands Loan Repayment
Lion Capital has asked American Apparel to repay a $10 million loan four years early after the retailer ousted its founder and CEO Dov Charney on June 18. Shares rose 30 percent on Friday to close at 97 cents on the American Stock Exchange, the highest level since February. Failing to pay the loan to Lion Capital could trigger default on a $50 million credit line with Capital One Financial which “contains cross-default provisions.”
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