American Apparel gets loan waiver of consolidated EBITDA covenant

By Sara Rosenberg

New York, Feb. 1 - American Apparel Inc. received a waiver under its credit facility regarding the minimum consolidated EBITDA requirement for the 12 consecutive fiscal month period ended Jan. 31, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

The company is in discussions with lenders on a possible amendment to the credit facility to extend the waiver past its Feb. 11 expiration date and to address its compliance with the EBITDA covenant for future trailing 12-month periods.

The waiver was obtained on Jan. 31.

Wilmington Trust FSB is the administrative agent on the deal.

American Apparel is a Los Angeles-based designer, manufacturer and retailer of fashion apparel for women, men, children and pets.

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