American Apparel Emerges From Bankruptcy
On Friday, the company announced it has emerged from Chapter 11 as a private company after successfully implementing its reorganization plan. The announcement comes days after the Delaware bankruptcy court gave its approval to the plan. Under the approved plan, approximately $230 million in bonds was wiped out in exchange for equity in the reorganized company. The participating lenders include Monarch Alternative Capital, Coliseum Capital and Goldman Sachs Asset Management.