American Apparel is seeking to raise $90 million to $160 million from several groups, including a private equity firm affiliated with billionaire Ron Burkle, Bloomberg reports. The restructuring plan will consist of refinancing the company’s debt held by Lion Capital and Bank of America Corp., along with exercising stock warrants.
Private equity firms Colbeck Capital Management and Authentic Brands Group have offered the funding. The restructuring may result in CEO Dov Charney stepping down as chairman to concentrate on daily operations.
Click here for the story from Bloomberg.