Delta Mills $3.5 million asset sale approved

By Caroline Salls

Pittsburgh, Dec. 18 - Delta Mills, Inc. obtained court approval of the $3.5 million sale of its miscellaneous assets to Greystone Private Equity, LLC and Schwarz Properties, LLC, according to Friday filings with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Delta Mills is liquidating its assets after it failed to receive a stalking horse bid for a proposed sale of substantially all of its assets that would have allowed it to continue to operate as a going concern.

The company plans to undergo an "orderly run out" of its business, which will allow it to continue to finish and sell its inventory.

According to the bidding procedures order, the miscellaneous assets will be sold in two lots, with a $1.13 million portion of the purchase price going for the first lot and the balance for the second lot.

Delta Mills is the operating subsidiary of Delta Woodside, Inc., a Greenville, S.C.-based company that manufactures and sells textile products for the apparel industry. Delta Mills filed for bankruptcy on Oct. 13. The Chapter 11 case number is 06-11144.

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