Delta Mills Moves Forward With Liquidation Plan

Law360, New York (July 20, 2007, 12:00 AM EDT) -- Bankrupt textile maker Delta Mills Inc. on Thursday received bankruptcy court approval of its disclosure statement, and got the green light to send its proposed liquidation plan to creditors for approval.

Judge Christopher S. Sontchi's order approving the disclosure statement overruled all objections, with the exception of an objection from GMAC Commerical Finance LLC. Delta Mills secured more than $20 million of debtor-in-possession financing from GMAC in October. Thursday's order said that GMAC's objection could still be heard by the court if it has not already...
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