From Home Furnishing Business
Former Furniture Brands Execs Get Insurance Coverage
Two former executives of now-defunct Furniture Brands International will receive up to $1 million in advance insurance coverage.
A U.S. bankruptcy court judge has approved providing up to $1 million in advance insurance coverage to two former executives of the defunct Furniture Brands International Inc.
Ralph Scozzafava, former chairman and chief executive, and Vance Johnson, former chief financial officer, made the request Dec. 5. The executives served in those roles until Nov. 25. The money will go toward helping pay for potential individual litigation defense costs.
Judge Christopher Sontchi, of the U.S. Bankruptcy Court for Delaware, agreed Friday to the executives’ requests, saying it “is in the best interests of the debtors’ estate, their creditors and other parties of interest.”
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Source: Winston-Salem Journal