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American Apparel Sells Huge Stocks To Repay Debt, Shares Tumble
P, which has been losing money for nearly two years and is facing delisting, announced that AmericanApparelInc., the US apparel retailer, plans to sell $305 million worth of common stock to repay its imminent debt. According to sources, the company has about 240 million dollars less than a href= "http://m.pmae.cn/news/index_c.asp" > debt /a. < /p >
< p style= "text-align: center" > < img border= "0" align= "center" alt= "" src= "" /uploadimages/201403/27/20140327044443_sj.JPG "/" < > > "
The stock price dropped sharply from 22.13% to 0.588 dollars on Tuesday, when p < a href= "http://m.pmae.cn/news/index_c.asp" > AmericanApparel < /a > Inc., and the trading session further dropped 6.43%. The stock fell below 1 U.S. dollars in February 14th this year, which is not in line with the listing conditions of the NYSEMKTLLC (original NYSEAMEX American Stock Exchange) of the US small micro market. It was told that it had to submit the improvement plan before April 15th to the exchange before March 21st, otherwise it would be delisted. < /p >
< p > AmericanApparelInc. (NYSEMKT:APP) also grants the Underwriters RothCapitalPartners and BreanCapital the option to purchase up to $4 million 580 thousand in stock within 30 days. < /p >
< p > the proceeds from this stock sale will be used to repay the debt due next month in exchange for financial cushion. As of February 28, 2014, net cash of AmericanApparelInc. (NYSEMKT:APP) was only $4 million 900 thousand, a significant decrease compared to $8 million 700 thousand in December 31, 2013. < /p >
< p > in the 2013 fiscal year ending December 31, 2013, AmericanApparelInc. (NYSEMKT:APP) recorded a net loss of $107 million, a significant increase over the $37 million 200 thousand in fiscal 2012. Group Chairman and chief executive officer DovCharney expects a net loss of $2400 in fiscal 2014. < /p >
< p > at the end of February, foreign media reported that AmericanApparelInc. (NYSEMKT:APP) is contacting lawyers to carry out a href= "http://m.pmae.cn/news/index_c.asp" > bankruptcy reorganization < /a >, on the same day, the company's share price plummeted by 32.02%. Foreign media quoted news that some creditors of AmericanApparelInc. (NYSEMKT:APP) have already started organizing and contacting lawyers to ask for repayment. < /p >
< p style= "text-align: center" > < img border= "0" align= "center" alt= "" src= "" /uploadimages/201403/27/20140327044443_sj.JPG "/" < > > "
The stock price dropped sharply from 22.13% to 0.588 dollars on Tuesday, when p < a href= "http://m.pmae.cn/news/index_c.asp" > AmericanApparel < /a > Inc., and the trading session further dropped 6.43%. The stock fell below 1 U.S. dollars in February 14th this year, which is not in line with the listing conditions of the NYSEMKTLLC (original NYSEAMEX American Stock Exchange) of the US small micro market. It was told that it had to submit the improvement plan before April 15th to the exchange before March 21st, otherwise it would be delisted. < /p >
< p > AmericanApparelInc. (NYSEMKT:APP) also grants the Underwriters RothCapitalPartners and BreanCapital the option to purchase up to $4 million 580 thousand in stock within 30 days. < /p >
< p > the proceeds from this stock sale will be used to repay the debt due next month in exchange for financial cushion. As of February 28, 2014, net cash of AmericanApparelInc. (NYSEMKT:APP) was only $4 million 900 thousand, a significant decrease compared to $8 million 700 thousand in December 31, 2013. < /p >
< p > in the 2013 fiscal year ending December 31, 2013, AmericanApparelInc. (NYSEMKT:APP) recorded a net loss of $107 million, a significant increase over the $37 million 200 thousand in fiscal 2012. Group Chairman and chief executive officer DovCharney expects a net loss of $2400 in fiscal 2014. < /p >
< p > at the end of February, foreign media reported that AmericanApparelInc. (NYSEMKT:APP) is contacting lawyers to carry out a href= "http://m.pmae.cn/news/index_c.asp" > bankruptcy reorganization < /a >, on the same day, the company's share price plummeted by 32.02%. Foreign media quoted news that some creditors of AmericanApparelInc. (NYSEMKT:APP) have already started organizing and contacting lawyers to ask for repayment. < /p >
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