By  on March 13, 2009

American Apparel has won a new lease on life, with the signing of a new financing agreement with London-based private equity firm Lion Capital.

Under terms of the deal, which was finalized near midnight EDT on Thursday, Lion Capital will inject $80 million into the L.A.-based retailer of youthful underwear and sportswear, in exchange for warrants for 16 million new shares of American Apparel with a strike price of $2 per share.

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