American Apparel Inc. has found a new creditor, swapping out an expiring bank credit facility for a more expensive loan and credit facility with a syndicate led by a George Soros-backed fund.
The financially strapped specialty retailer was thrown an $80 million lifeline by Boston-based Crystal Financial LLC and Salus Capital Partners LLC, comprised of a $30 million term loan and a $50 million revolving credit facility. Soros’ Quantum Strategic Partners Ltd. is the lead investor in Crystal Financial.
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