Dan River gets extension on exclusive right to solicit votes

By Jeff Pines

Washington, Dec. 20 - Dan River Inc., which expects to hold its confirmation hearing on Jan. 4, received an extension on its exclusive right to solicit votes for its reorganization plan to Jan. 31.

The order extending the exclusivity, which was supposed to end Dec. 27, was filed with the U.S. Bankruptcy Court for the Northern District of Georgia on Friday.

Dan River's noteholders are expected to get an estimated 25% recovery in the company's reorganization by getting new common stock in exchange for their claims.

The Danville, Va.-based textile company filed for bankruptcy on March 31, 2004. Its Chapter 11 case number is 04-10990.

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