Galey & Lord term loan agent withdraws emergency motion to delay hearing

By Jeff Pines

Washington, Sept. 8 - Galey & Lord Inc.'s term loan agent, BNY Asset Solutions LLC, withdrew its emergency motion seeking to delay the hearing on the company's proposed bidding and sale procedures.

BNY withdrew its motion with the U.S. Bankruptcy Court for the Northern District of Georgia Wednesday. BNY reserved its right to file again.

BNY filed the first request for a delay because it alleged that Patriarch Partners LLC, which is the stalking horse bidder for Galey & Lord, was not allowing BNY to interview a member of the firm and was not providing the documents BNY requested.

Patriarch has a seat on Galey & Lord's board and also is a term loan lender.

The company filed for bankruptcy on Aug. 19. Galey & Lord's Chapter 11 case number is 04-43098.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.