Second Time for Dan River
Danville, Va.–based Dan River filed for Chapter 11 bankruptcy protection in Wilmington, Del., marking the textile maker’s second bankruptcy filing in four years. The company employs 165 employees to whom it owes $326,000 in payroll, according to an Associated Press report. The company owes GMAC Commercial Finance LLC $25 million as a result of a secured pre-bankruptcy loan. GMAC has offered up to $32 million to the beleaguered company, which has asked the court to allow the company to continue operations. Dan River manufactures apparel fabric and home textiles.
