American Apparel files Bankruptcy

I guess the writing was on the wall for a while.  Pachulski, counsel for debtor, has engaged in a pre-packaged deal with the major secured creditors (hedge fund Standard General).   Case was filed in Delaware, not surprisingly.

The creditors matrix alone is 475 pages (the printing machines are firing off for the marketing packages prepared by prospective committee counsels).

Godspeed American Apparel.

See well written NY Times article here. 

Leave a Reply


1 + three =