Dan River Chapter 11
Danville, Va.–based textile mill Dan River Inc. filed for Chapter 11 bankruptcy protection, citing an over-leveraged balance sheet and a need to restructure the company. The company has received a commitment for up to $145 million in debtor-in-possession financing and said it expects the filing will not impact its customers and employees. “This action enables us to continue operating our business without interruption while implementing a debt restructuring in a court-supervised and controlled environment,” said Joseph L. Lanier Jr., chairman and chief executive officer.
