Dan River files for Chap. 11
Home Textiles Today -- Kids Today, 4/23/2008 10:57:00 AM
DANVILLE, Va. - Dan River filed for Chapter 11 bankruptcy protection late Monday.
The City of Danville is listed as the company’s largest unsecured creditor, owed more than $2.25 million. Best Manufacturing, which like Dan River is owned by Indian conglomerate GHCL, is owed more than $1.5 million.
Other major unsecured creditors include:
Sajid Textile, Pakistan: $1.41 million
Nantong Yiteng Textile, China: $1.2 million
Jiangyin Bedsheet Factory, China: $919,345
Be Be Jan, Pakistan: $873,012
Yunus Textile Mills, Pakistan: $829,820
Arshad Corp., Pakistan: $793,765
Kam International, Pakistan: $681,890
Afroz Textile, Pakistan: $636,658.
Dan River owes its 30 largest unsecured creditors more than $18 million, according to documents filed with the U.S. Bankruptcy Court in Delaware.
Among them is long-time Dan River executive Dan Hammer, who is owed $550,000 in what the filing flags as a “contingent,unliquidated and disputed” claim.
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