Dan River granted exclusivity extension to allow time to consider possible asset sale

By Jennifer Lanning Drey

Portland, Ore., Aug. 6 - Dan River Holdings, LLC obtained an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan after the U.S. Bankruptcy Court for the District of Delaware overruled an objection by its official committee of unsecured creditors during a Wednesday hearing, according to a source familiar with the case.

The exclusive plan-filing period was extended to Nov. 18 from Aug. 18 and the solicitation period to Dec. 18 from Oct. 18.

When requesting the extension, Dan River said it had received an initial proposal from GHCL, Inc. for the purchase of a substantial amount of its assets and needed more time to complete and present a proposed plan that incorporates the terms of the sale.

Dan River, a Danville, Va.-based textile company, filed for bankruptcy on April 20. Its Chapter 11 case number is 08-10726.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.