Dan River in Chapter 11
By Furniture Today Staff -- Furniture Today, April 5, 2004
DANVILLE, Va. — Fabric supplier Dan River has filed for Chapter 11 bankruptcy protection, but is assuring that it will operate without interruption while it reorganizes to restructure its debt.
Joseph Lanier Jr., chairman and CEO, said in letter to customers, "Dan River is not going out of business.… Chapter 11 means reorganization, not liquidation."
He said the company has enough cash to pay employees and "pay for goods and services we need to operate and serve our customers." After filing its voluntary Chapter 11 petition, Dan River received interim court approval of a $145 million debtor-in-possession credit facility to fund operations.
More information is available at www.danriver.com.
