Why Delta Apparel (DLA) Stock Is Halted During Monday's Session
Portfolio Pulse from Henry Khederian
Delta Apparel, Inc. (NASDAQ:DLA) shares are halted and trading lower after the company filed for Chapter 11 bankruptcy. The company and its subsidiaries will continue operations as debtors-in-possession and seek to sell assets or arrange strategic deals. They are also seeking debtor-in-possession financing from Wells Fargo and other lenders.
July 01, 2024 | 6:23 pm
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Delta Apparel (DLA) has filed for Chapter 11 bankruptcy, leading to a halt in trading and a drop in share price. The company will continue operations as debtors-in-possession and seek to sell assets or arrange strategic deals. They are also seeking debtor-in-possession financing from Wells Fargo and other lenders.
The filing for Chapter 11 bankruptcy is a significant negative event for Delta Apparel, leading to a halt in trading and a drop in share price. The company's efforts to sell assets and secure financing indicate financial distress, which is likely to negatively impact the stock in the short term.
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