Retailer American Apparel Inc. received a bankruptcy court’s final approval to tap its $90 million bankruptcy financing package provided by Standard General and other investors after the company was able to resolve a number of objections from unsecured creditors, the Wall Street Journal reported today. Bankruptcy Judge Brendan Linehan Shannon approved the financing during a hearing yesterday “given the substantial negotiations” that resulted in a number of modifications to the terms of the financing. The financing provides $30 million in fresh capital for American Apparel while refinancing $60 million in debt owed to Standard General and other investors before the bankruptcy filing.
