American Apparel Inc. has reached an agreement with creditors for a $90 million asset-based infusion, averting default, the Wall Street Journal reported today. Still, the retailer warned on Monday that a bankruptcy threat remains given its financial results thus far and its projections for the next four fiscal quarters. The retailer had warned last week it had about $13 million of available cash, roughly the amount of an interest payment due on Oct. 15 — and risked default unless it raised another cash infusion or refinance its debt. As of Aug. 11, the retailer said on Monday, it was down to $11.2 million in cash. The company, which has been staving off bankruptcy through a series of cash infusions, last amended its $50-million line of credit with Capital One in March, according to regulatory filings.
