Dan River seeks approval of $1.66 million Danville property sale

By Caroline Salls

Pittsburgh, Sept. 12 - Dan River Holdings LLC requested court approval of the $1.66 million sale of its interest in land in Danville, Va., to Jay Barker, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

The property is owned by Dan River subsidiary Dan River Properties LLC.

According to the motion, the sale is contingent on Barker also agreeing to buy a smaller parcel of land adjacent to the Danville property. Dan River said any delay in closing on the sale of the smaller property will also delay the closing of the other sale.

Sale proceeds will be used to pay down a $12.5 million term loan from GB Merchant Partners, LLC.

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

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