Ex-CEO of American Apparel says won't appeal judge's ruling

WILMINGTON, Del (Reuters) - Dov Charney, the ousted chief executive and founder of American Apparel Inc, said on Monday he does not have the financing to appeal a U.S. judge's ruling that clears the way for the company to exit bankruptcy under control of bondholders.

Charney had challenged that plan with his own proposed takeover, but a U.S. bankruptcy judge ruled against Charney in favor of American Apparel's plan.

Charney said in a statement that it was a sad indictment of the Chapter 11 process that American Apparel's board was allowed to use the company's resources to "achieve their goal of extinguishing the company's shareholders."

(Reporting by Tom Hals; Editing by Chizu Nomiyama)