Dan River reorganization plan confirmed

New York, Jan. 18 - Dan River Inc. received confirmation for its plan of reorganization from the U.S. Bankruptcy Court for the Northern District of Georgia, according to an order filed with the court Tuesday.

The confirmation follows a hearing that began Jan. 4 and concluded Jan. 18.

Dan River's noteholders, including owners of its 12¾% senior notes due 2009, are expected to get an estimated 25% recovery in the company's reorganization by getting new common stock in exchange for their claims.

The company estimated total claims at $225 million.

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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