American Apparel Strikes Auction Plan Deal With Creditors

Law360, Wilmington (December 2, 2016, 5:59 PM EST) -- Clothing maker and retailer American Apparel LLC on Friday reached a deal with its unsecured creditors to extend the timeline of its planned Chapter 11 auction into January, resolving the committee’s objection to the proposed sale plan of the company.

During a hearing in Wilmington, Delaware, attorneys for American Apparel said that the auction has been bumped further into 2017 to give interested parties more time to assess the market ahead of a possible transaction. The company’s unsecured creditors said earlier this week in an objection to the proposed bid procedures that the end-of-year holidays, such as Christmas and New Year’s,...

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