Dan River Turns the Page on Chapter 11
Company's Common Stock Canceled
By Staff -- Home Textiles Today, 2/21/2005 12:00:00 AM
Newnan, Ga. — —
Newnan, Ga. — A leaner, streamlined Dan River, with a new top management team, has stepped out of the shadow of bankruptcy in something like record time, little more than 11 months since seeking the shelter of the court on March 31, 2004.
On Feb. 14, a U.S. Bankruptcy Court for the Northern District of Georgia, Newnan Division, put the seal of approval on the plan of reorganization submitted earlier by the company, releasing the company from Chapter 11.
During the painful process, the mill restructured manufacturing, slimmed down its work force, and installed a new top management team, headed by Barry Shea, CEO, who succeeds Joseph Lanier Jr.
Lanier has ceded all operating authority, but remains non-executive chairman of the board.
As part of the plan, about 22.5 million shares of the company's Class A and Class B common stock have been canceled and no longer have value.
The company is now authorized to issue up to 40 million shares of common stock to creditors to settle their claims.
We would love your feedback!
-
TexStyle Files For Ch. 11
May 13, 2011 -
TexStyle files Ch. 11
Apr 13, 2011 -
CIT may emerge from Chapter 11 tomorrow
Dec 9, 2009 -
TSG files Chapter 11
Nov 30, 2009 -
Sleep Innovations Speeds Emergence from Ch. 11
Feb 9, 2009
Featured Company
-
FurnitureCore.com
FurnitureCore.com is a dynamic web application aimed at the furniture industry. Retailers and manufacturers alike will find our deep reserve of tools to be exactly what their furniture business needs.www.furniturecore.com... more
