(Former Name or Former Address, if Changed Since Last Report)
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Item 2.01. Completion of Acquisition or Disposition of Assets.
Reference is made to the asset purchase agreement (the “ APA ”) made as of June 27, 2007 by and between Delta Mills, Inc. (“ Delta Mills ”) and Gibbs International, Inc. (“ Gibbs ”). Delta Mills is a direct wholly-owned subsidiary of Delta Woodside Industries, Inc. (“the Company ”). A copy of the APA was filed as Exhibit 99.1 to the Company’s Current Report on Form 8-K with date of June 28, 2007.
Pursuant to the APA, on August 29, 2007, Delta Mills consummated the sale of the real property at Delta Mills’ Beattie facility in Fountain Inn, South Carolina, including the sale of all buildings, structures, facilities, fixtures and other improvements thereto and approximately 98 acres of land (collectively, the “ Beattie Plant ”). Immediately prior to the sale, Gibbs assigned all of its rights under the APA, including the right to purchase the Beattie Plant, to DelWood LLC, a South Carolina limited liability company (“ DelWood ”). A copy of the Assignment between Gibbs and DelWood is set forth in Exhibit 99.1 to this Current Report.
Delta Mills received gross cash sales proceeds from the sale of $4,500,000, with aggregate net proceeds of $4,429,082 after the deduction of certain pro-rated and other costs.
Delta Mills’ execution, delivery and performance of the APA were previously approved by the U.S. Bankruptcy Court for the District of Delaware on June 28, 2007.
9.01. Financial Statements and Exhibits.
99.1 Assignment from Gibbs International, Inc. to DelWood LLC dated as of August 29, 2007.
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 WOODSIDE INDUSTRIES, INC.
Date: September 13, 2007 By: /S/ W.H. Hardman, Jr. W.H. Hardman, Jr. Chief Financial Officer
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