an United States personal bankruptcy courtroom judge accepted American Apparel's want to reorganize and repay its lenders yesterday, the Los Angeles occasions reports, rejecting ousted AA creator Dov Charney's tries to derail the restructuring plan with a $300 million takeover quote.
The decision renders Charney's large ownership stake in AA worthless. He had above 40percent for the company's stock, based on the Los Angeles days.
Charney introduced an extended statement via Medium on Monday showing on the judge’s choice, their fight AA's current administration, and his journey since beginning the brand. Charney stops their Medium manifesto by saying:
The sad reality is that United states Apparel, the biggest garment maker in america, wont survive at this pace and I also don’t believe the present management has got the skill to create it back into wellness.At the end of this tale, we, such as the numerous former stockholders, will probably be remaining with nothing. Despite that, just what gives me personally great optimism would be the things I have that can’t be taken by a predatory hedge investment — my some ideas, values, drive, authenticity, stability and my passion. Compared to that end I ask that my followers keep tuned in.
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