American Apparel Inc. said Friday it renegotiated the terms of more than $100 million in debt, extending the maturity date until April.

The Los Angeles-based manufacturer, distributor and apparel retailer was facing a deadline of today for the renegotiation.

The new terms allow American Apparel to raise more equity. They also increase the amount of unsecured debt the company can take on and allows the company to raise an additional $16 million in financing by March 13.

“We are pleased to have secured these extensions to our loan maturities given the current difficulties in the credit markets,” Chief Executive Dov Charney said in a press release. Charney’s statement also said that the company and its lenders have discussed the possibility of extending the debt maturities into 2010.

Shares of the company’s stock soared 39 percent, or 87 cents, to $3.10 in midday trading on the American Stock Exchange upon the announcement.

Earlier this week, American Apparel announced the layoff of several hundred employees companywide.

“To let go of even one good worker is a painful decision for us, and we do not take it lightly,” said company spokesman Ryan Holiday. “We sincerely hope to bring these people back as soon as we can.