SECURITIES & EXCHANGE COMMISSION
WASHINGTON, D.C. 20449
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) October 15, 2004
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Delta Mills, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
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(State of Other Jurisdiction
of Incorporation)
333-376-17 13-2677657
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(Commission File Number) (IRS Employer Identification No.)
P.O. Box 6126, 100 Augusta Street, Greenville, South Carolina 29606
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(Address of Principal Executive Offices) (Zip Code)
(864) 255-4122
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(Registrant's Telephone Number
Including Area Code)
Not Applicable
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(Former Name or Former Address,
if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On October 18, 2004, the Company entered into an amendment to its Revolving
Credit and Security Agreement with GMAC Commercial Finance LLC, as lender and
agent for the lenders. The amendment is described in the press release set forth
in Exhibit 99.l to this current report, which exhibit is incorporated by
reference herein.
ITEM 2.05. COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES.
On October 15, 2004, the board of directors of the Company's sole shareholder
Delta Woodside Industries, Inc. approved the realignment plan described in the
press release set forth in Exhibit 99.1 to this current report. This realignment
plan is expected to result in the range of costs associated with exit or
disposal activities described in the press release. Exhibit 99.1 to this current
report is incorporated by reference herein.
ITEM 2.06. MATERIAL IMPAIRMENTS.
As part of the realignment plan adopted by the board of directors of Delta
Woodside Industries, Inc. on October 15, 2004, the Company expects to record a
second quarter pretax asset impairment and restructuring charge in the range
described in the press release set forth in Exhibit 99.1 to this current report,
which exhibit is incorporated by reference herein.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits.
99.1 Press release issued by Delta Woodside Industries, Inc. on October
20, 2004.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
DELTA MILLS, INC.
Date: October 20, 2004 By: /s/ W. H. Hardman, Jr.
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W.H. Hardman, Jr.
Chief Financial Officer
EXHIBITS
99.1 Press release issued by Delta Woodside Industries, Inc. on October 20,
2004.