LOS ANGELES, Jan. 26 (UPI) -- A U.S. bankruptcy judge approved a Chapter 11 reorganization plan for American Apparel, dashing the last best chance for founder Dov Charney to retake control.
Judge Brendan L. Shannon of the Bankruptcy Court in Delaware approved a plan that will take the Los Angeles-based company private under a group of lenders, including Monarch Alternative Capital, Coliseum Capital and Goldman Sachs Asset Management.