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American Apparel trying to repay loan, replace board

American Apparel (APP) has passed its deadline to repay its $10M loan to Lion Capital, and is now in talks with Standard General to secure funding for the loan and replace most of its board.

New York-based hedge fund Standard General is now a major player in American Apparel, after acquiring 43% of the company's stock last week.

Ex-CEO Dov Charney is still being investigated. If cleared of charges, he may stay with the company, although not likely as CEO.

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