Business

Dov’s new Angel

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Ron Burkle is sniffing around American Apparel again.

The Los Angeles billionaire — who last summer scooped up a 6 percent equity stake in the cash-strapped hipster clothier, only to slash it earlier this year — is now angling to take over the company’s crippling debt load, The Post has learned.

In a twist, however, the retail tycoon isn’t pursuing American Apparel’s roughly $160 million in loans through his West Coast investment firm, Yucaipa, but rather by backing an offer from Jason Beckman of Colbeck Capital, an affiliate of Yucaipa, sources said.

“An offer is on the table,” a source told 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.

More immediately, Burkle and his investing partner are looking to take over a $75 million credit line, currently provided by Bank of America, sources said. That facility is heavily drawn down, with just $1.5 million in availability for additional borrowings as of last month, according to securities filings.

“This would give the company some extra breathing room, and (Burkle’s offer) is really a reflection that business has gotten better,” said one source close to the talks.

Indeed, it’s far from clear that CEO Dov Charney — who this spring was rescued from a liquidity crisis with an equity investment from a team of Canadian investors — will accept the offer. Sources said American Apparel recently has been approached with at least one other bid to refinance the company.

“There’s not a huge amount of urgency to get a deal done right now, because business trends are positive,” said one person close to the talks.

That being said, comparable sales in recent weeks have dipped back into negative territory after finishing July up 4 percent compared to the year earlier period, according to a source.

Nevertheless, American Apparel’s Ebitda, or earnings before interest, taxes, depreciation and amortization, are still on track to surpass $20 million this year, as the company has slashed costs and improved the efficiency of its Los Angeles factory.

This isn’t the first time Burkle has expressed an interest in American Apparel’s debt. This spring, before the company was bailed out of a liquidity crisis by a team of Canadian investors, Burkle had mulled taking over the retailer’s credit line, sources said.

In his most recent regulatory filing, Burkle owned 3.4 million shares in American Apparel, or 3.1 percent, down some 909,500 shares from earlier this year.

A spokesman for Burkle declined to comment, and American Apparel executives declined to comment.

American Apparel shares yesterday closed down 3.4 percent to 86 cents, and are off 48 percent so far this year.