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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
_________________________
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 31, 2004
DAN RIVER INC.
(Exact name of registrant as specified in its charter)
Commission file number 1-13421
GEORGIA 58-1854637
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
2291 Memorial Drive 24541
Danville, Virginia (Zip Code)
(Address of principal executive offices)
Registrant's telephone number, including area code: (434) 799-7000
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Item 3. Bankruptcy or Receivership.
On March 31, 2004, Dan River Inc. and all of its domestic subsidiaries
filed voluntary petitions for reorganization under Chapter 11 of the U.S.
Bankruptcy Code in the U.S. Bankruptcy Court for the Northern District of
Georgia (Case Nos. 04-10990 through 04-10993). In conjunction with the
filing, Dan River has received a commitment for up to $145 million in new
debtor-in-possession financing.
A copy of the press release issued by Dan River on March 31, 2004
announcing its filing with the Bankruptcy Court is attached hereto as
Exhibit 99.1 and incorporated herein by reference.
Item 7. Financial Statements, Pro Form Financial Information and
Exhibits.
(c) Exhibits
Exhibit No. Description of Exhibit
99.1 Press Release dated March 31, 2004
Item 12. Results of Operations and Financial Condition
In the pleadings filed with the Bankruptcy Court on March 31, 2004
relating to motions to be made before the Bankruptcy Court on April 1,
2004, Dan River included the following financial information for the fiscal
year ended January 3, 2004:
Total revenues for fiscal year 2003 were down 22.1 percent compared to
the same period in fiscal 2002, and gross profit for fiscal year 2003 was
approximately $61 million less than the previous year. For the fiscal year
ended January 3, 2004, Dan River's home fashions division produced
approximately 72 percent of its total revenue, generating $342 million in
net sales; its apparel fabrics division produced approximately 21 percent
of Dan River's total revenue, generating $102 million in net sales; and its
engineered products division produced 7 percent of Dan River's total
revenue, generating $34 million in net sales.
The Company's senior secured credit agreement (the "Credit Agreement")
provides for a five-year $40 million term loan and a $160 million revolving
credit facility. As of March 31, 2004, the principal and interest
outstanding under the term loan was $34.41 million, and the principal and
interest outstanding under the revolving credit facility was approximately
$79.25 million. In addition, letters of credit in the approximate amount
of $5.07 million were outstanding under the terms of the Credit Agreement,
for a total current amount outstanding under the Credit Agreement of
approximately $118.73 million.
As of March 6, 2004, the Company's total assets were $441,800,000 and
its total debts were $371,800,000.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
DAN RIVER INC. (Registrant)
Date: March 31, 2004 /s/ Harry L. Goodrich
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Harry L. Goodrich
Vice President
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INDEX
Exhibit No. Description of Exhibit
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99.1 Press Release dated March 31, 2004