DANVILLE, VA — Dan River, Inc. said that on December 21 it filed the Plan Supplement to its Third Amended and Restated Plan of Reorganization.
Filing of the supplement is another step required in order for Dan River to emerge from bankruptcy, which the company said it expects to occur this month.
The Plan Supplement addresses various organizational matters, including the expected identity of the senior management of the company following its emergence from bankruptcy.
The executive officers of reorganized Dan River are expected to be Barry F. Shea, president and chief executive officer; Daniel A. Hammer, executive vice president, Home Fashions Sales and Marketing; Greg R. Boozer, executive vice president of Manufacturing; Scott D. Batson, senior vice president and chief financial officer; and Harry L. Goodrich, vice president, secretary and general counsel.
James E. Martin is also expected to continue after emergence in his present capacity as president of Apparel Fabrics.
And Joseph L. Lanier Jr., currently chairman of the board and chief executive officer, is expected to continue as non-executive chairman of the board, and Shea is expected to be appointed a director.
“As today’s announcement indicates, we have passed another milestone on the way toward a January emergence from bankruptcy,” Lanier said. “Upon emergence Dan River will be well positioned both organizationally and structurally to meet the challenges of global textile competition. I look forward to a continued but less active association with the company as it successfully meets these challenges.”
Added Shea: “We have the goal line in sight. With the significant distraction of bankruptcy behind us, we will be able to focus with renewed intensity on our No. 1 priority — the needs of our home fashions and apparel fabrics customers. Daniel Hammer and Jim Martin, and their respective sales organizations, will be contacting their customers over the coming weeks to explore in more detail how a reorganized Dan River can provide them with compelling, value-added products.”
As previously announced, a hearing to confirm the company’s Plan of Reorganization is scheduled for Jan. 4.
