Tuesday, January 26, 2016

Dov Charney’s bid to buy American Apparel nixed by judge

A Delaware bankruptcy judge on Monday approved a reorganization plan for American Apparel that shuts out Dov Charney, the company’s founder — setting aside a last ditch effort by the controversial businessman to return to the helm of the company he founded 26 years ago.

Judge Brendan Shannon approved the $200 plan of reorganization backed by the company that will take the Los Angeles company private, cut its debt by $230 million, provide $80 million in liquidity and give control to its bondholders.. . . more

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