Rumor: Offer on Table for American Apparel Debt

The New York Post is reporting that Los Angeles billionaire Ron Burkle, who last summer purchased a 6 percent equity stake in the company, is now offering to take over American Apparel's debt.

From the Post: "One possible outcome is that an $84 million term loan from British-based Lion Capital—whose punishing interest rate of 18 percent has sapped American Apparel’s liquidity—could be partly or entirely refinanced to a rate as low as 7 percent, according to a person briefed on the talks."

Further details on the story can be found by clicking through to the Post.