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American Apparel's Ch. 11 Financing Gets Final OK

Law360, Wilmington (December 12, 2016, 8:17 PM EST) -- Bankrupt clothing maker and retailer American Apparel LLC received final approval of its $30 million debtor-in-possession loan Monday in Delaware, but issues surrounding lease rejection procedures could not be rectified without the court’s intervention.

During a hearing in Wilmington, attorneys for the company said it had gotten to a point where its final DIP approval was uncontested by negotiating a deal with creditors to push issues over the use of cash collateral to a later date. Talks are continuing between the company and its creditors about cash collateral, and both sides are hopeful a resolution will be forthcoming.

“We’ve had some...

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