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Dan River Prepares For Chapter 11 Exit

Home fashions and apparel fabric manufacturer Dan River Mills Inc., Danville, Va., has arranged a $10 million senior secured credit facility from some of its existing bondholders and received bankruptcy court approval to use cash collateral to fund its operations through its planned emergence from Chapter 11 bankruptcy protection. The company filed for protection on March 31, 2004 (See " Textile World News," May 2004). It has scheduled a Jan. 4, 2005, confirmation hearing in US Bankruptcy Court, and expects to emerge from Chapter 11 protection soon afterward.

"The new facility indicates the faith the bondholders have in the future of Dan River, and it provides the liquidity and flexibility we need through the anticipated conclusion of our Chapter 11 case early next year," said Joseph L. Lanier Jr., chairman and CEO.

December 2004