December 8, 2016 / 11:43 AM / in 3 years

American Apparel's unsecured creditors call for new loan terms

A court order that would approve a $30 million loan for American Apparel LLC should also grant unsecured creditors more time to investigate how the teen-focused retailer ended up in its second bankruptcy in just over a year, their committee said in court papers on Wednesday.

American Apparel has said it needs the loan to carry it to its auction on Jan. 9. However, unsecured creditors need more than the 60 days provided by a loan provision to investigate American Apparel’s “catastrophic performance,” according to their committee, which was represented by Cathy Hershcopf of Cooley.

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