American Apparel Inc. is seeking to keep a tight grip on its bankruptcy case as its creditors cast their votes on the retailer's plan to exit bankruptcy protection, Dow Jones Daily Bankruptcy Review reported today. In a court filing on Monday, lawyers for American Apparel requested a 90-day extension of the company's exclusive right to file a reorganization plan. The company's request comes just a few weeks after ousted American Apparel founder Dov Charney hired Cardinal Advisors to help him line up investors that would keep him involved with the troubled retail chain. Charney has been garnering interest from new investors, and some bids could be completed in the upcoming weeks. The process has especially interested institutional investors. It is still unclear what role Charney would play at the company if he were to find an investor willing to buy it. A successful bid would most likely have to exceed $350 million to cover the money owed to bondholders in the bankruptcy process, as well as pay off the $90 million in postpetition financing and provide the $40 million of exit financing that is part of the chapter 11 plan.
