Factoring Company Stalking Horse Bidder for PeopLoungers

November 13, 2007  by in UnCategorized   

By Home Furnishings Business in Motion Upholstery on November 2007 An affiliate of New York-based Capital Business Credit has agreed to be the stalking horse bidder of selected assets and business operations of PeopLoungers.

The transaction, expected to be completed by mid-December, is pending approval of the U.S. Bankruptcy Court in the Northern District of Mississippi.

“We are extremely pleased that the elements of this transaction have been agreed upon and look forward to its consummation following court approval,” said Armand J. Carrano, senior managing director of The Finley Group, a turnaround company in Charlotte, N.C. “This association will provide PeopLoungers access to an extensive worldwide network of trading partners and operating resources, and together, with our simplified cost and capital composition, will permit PeopLoungers to focus on its core business proposition.”

PeopLoungers has been operating under Chapter 11 since May.

Capital Business Credit is a privately held factoring company providing middle market companies financial products and services.