Delta Mills' $2.52 million sale of Beattie property approved

By Caroline Salls

Pittsburgh, Dec. 18 - Delta Mills, Inc. accepted the overbid of Michael Fox International, Inc. and entered into a $2.52 million asset purchase agreement with Fox for the sale of most of Delta Mills' tangible personal property at its Beattie facility in Fountain Inn, S.C., according to an 8-K filing with the Securities and Exchange Commission.

Greystone Private Equity LLC was the stalking horse bidder for the Beattie property, according to the filing, and Delta Mills will pay it a $71,250 break-up fee.

The sale was approved by the U.S. Bankruptcy Court for the District of Delaware on Friday.

Delta Mills is the operating subsidiary of Delta Woodside, Inc., a Greenville, S.C.-based company that manufactures and sells textile products for the apparel industry. Delta Mills filed for bankruptcy on Oct. 13. The Chapter 11 case number is 06-11144.

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