secwatch.observer — SEC 8-K summary
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Issuer:     DELTA APPAREL, INC (—)
CIK:        0001101396
Form:       8-K
Filed at:   2024-07-01T23:59:59+00:00
Accession:  0001437749-24-021637
Event type: m_and_a
Sentiment:  negative
Materiality: 1.00
Item codes: 1.01, 1.03, 2.04, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Delta Apparel files Chapter 11; enters $28M stalking horse sale of Salt Life assets
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- Chapter 11 petitions filed June 30, 2024 by Delta Apparel and domestic subsidiaries, including Salt Life LLC.
- Stalking horse APA with FCM Saltwater Holdings for Salt Life assets: $28.03M cash, subject to higher bids and court approval.
- Two directors (Hood, Medina) and CAO/Treasurer Bubanich resigned immediately before filing.
- Company warns common stock likely zero recovery; expects delisting from NYSE American.
- Pre-petition credit facility accelerated; DIP financing sought from Wells Fargo to fund operations.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1101396/000143774924021637/0001437749-24-021637-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1101396/000143774924021637/dla20240619_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-021637

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