American Apparel (APP) Pops Higher, Gets Nod from Hedge Fund Giant for New Credit Pact
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American Apparel (AMEX: APP) is ticking higher Monday morning following reports a prominent hedge fund is making an investment in the company.
The NY Post reports that George Soros is taking a good, hard look at the retailer which has seen its shares get decimated from levels above $15 in 2007 to about 78 cents currently.
American Apparel will look to receive the line from Crystal Financial, which Soros is the lead investor in. The new agreement will expand and extend its current $75 million agreement with BofA, which is set to mature in July, according to the Post. Specifics of the new agreement weren't disclosed, but sources said it will be long-term and bear a higher interest rate than the current BofA agreement.
Shares are up 5.3 percent Monday.
The NY Post reports that George Soros is taking a good, hard look at the retailer which has seen its shares get decimated from levels above $15 in 2007 to about 78 cents currently.
American Apparel will look to receive the line from Crystal Financial, which Soros is the lead investor in. The new agreement will expand and extend its current $75 million agreement with BofA, which is set to mature in July, according to the Post. Specifics of the new agreement weren't disclosed, but sources said it will be long-term and bear a higher interest rate than the current BofA agreement.
Shares are up 5.3 percent Monday.
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