We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Global Compliance Applications Corp | CSE:APP | CSE | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.005 | 0.005 | 0.01 | 0 | 01:00:00 |
Moody's Investors Service on Wednesday cut American Apparel's rating one notch further into junk territory, citing a higher likelihood the company will default on its loans.
The downgrade to Caa3, nine notches below investment grade, comes a day after the retailer warned it had about $13 million of available cash—roughly the amount of its October interest payment.
The retailer also said it would miss a regulatory deadline to report second-quarter results after identifying potential violations of the terms of its credit line with Capital One. The company has been staving off bankruptcy amid a protracted battle with ousted founder and former chief executive Dov Charney .
The rating firm said American Apparel remains under review for further downgrade. "We believe that the likelihood of some sort of restructuring ahead of the upcoming October interest payment on the bonds is acute," Moody's Vice President Charlie O'Shea said in a statement.
"The fact that Standard General intends to step into Capital One's shoes as revolver provider by purchasing its interests further heightens the risk of a restructuring as the specter of a loan to own scenario increases, which we believe would significantly impair existing bondholders," Mr. O'Shea said.
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
1 Year Global Compliance Applic... Chart |
1 Month Global Compliance Applic... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions