Galey & Lord Sale Approved
The U.S. Bankruptcy Court for the Northern District of Georgia approved the acquisition of textile maker Galey & Lord Inc. by Patriarch Partners LLC. The company is expected to emerge from bankruptcy protection when the transaction closes this month. Galey & Lord filed for Chapter 11 bankruptcy protection in August to expedite the sale of the company. New York– based Patriarch will pay $40 million in cash and assume certain secured obligations, contracts, employee obligations and administrative liabilities for the company.
