July 1 (Reuters) - Delta Apparel Inc ( DLA ):

* ON JUNE 30, FILED VOLUNTARY PETITIONS UNDER CHAPTER 11 OF

THE

UNITED STATES BANKRUPTCY CODE

* DEBTORS WILL CONTINUE TO OPERATE THEIR BUSINESSES AS

DEBTOR-IN-POSSESSION

* DEBTORS WILL PURSUE STRUCTURED SALE OF THEIR ASSETS

PURSUANT TO

ONE OR MORE COMPETITIVE BIDDING PROCESSES

* ON JUNE 28, CO AND SALT LIFE ENTERED INTO ASSET PURCHASE

AGREEMENT WITH FCM SALTWATER HOLDINGS

* SALT LIFE TRANSACTION FOR TOTAL PURCHASE PRICE OF ABOUT

$28.03

MILLION IN CASH

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