Dan River Inc. Amends Its Credit Agreement With Senior Lenders.Business Editors DANVILLE, Va.--(BUSINESS WIRE)--Dec. 10, 2001 Dan River Inc. (NYSE NYSE See: New York Stock Exchange : DRF DRF Daily Racing Form (horse racing) DRF Dansk Ride Forbund (Danish) DRF Deafness Research Foundation DRF Disaster Relief Fund DRF Data Recovery Field DRF Demat Request Form DRF Dose Reduction Factor ) announced today that it has amended its credit agreement with its senior lenders. The amendment modifies various portions of the credit agreement and permanently waives financial covenant defaults that were the subject of an interim waiver dated November 12, 2001. For specific details, refer to the amendment that has been included as an exhibit to Dan River's Current Report Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. which will be filed by the company within the next business day. Joseph L. Lanier, Jr., Chairman and Chief Executive Office said, "We are pleased that we have been able to reach an agreement with our senior lenders in these difficult times. The amendment establishes a borrowing base, new covenant This article is about the theological concept of the New Covenant. For other uses, see New Covenant (disambiguation). The term New Covenant (Hebrew: ברית חדשה, levels and interest rates, and provides the company additional liquidity in 2002 in order to fund expected working capital needs as the economy improves." The company currently has cash on hand and availability under its revolving credit agreement Revolving credit agreement A legal commitment in which a bank promises to lend a customer up to a specified maximum amount during a specified period. revolving credit agreement See line of credit. in excess of $55 million. Mr. Lanier closed by saying, "Dan River appreciates the cooperation of our senior lenders in reaching the agreement and the confidence this expresses in the company." Note: This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. under applicable securities laws. Our financial liquidity and our results of operations could be materially and adversely affected if the economy does not generally improve and if consumer demand for textile products does not improve at retail, or by other market and industry factors, many of which are outside our control. For a more detailed discussion of current risks associated with our business see our Quarterly Report on Form 10-Q Form 10-Q See 10-Q. filed with the Securities and Exchange Commission on November 13, 2001. Risks generally associated with our business are detailed in our Current Report on Form 8-K filed with the SEC on July 20, 1998. We believe our forward-looking statements are reasonable; however, undue reliance should not be placed on such statements, which are based on current expectations. |
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