From Home Furnishing Business
Furniture Brands Reaches Pension Settlement
The leftover pieces of Furniture Brands International—Furniture Brands Wind Down—has reached a deal with its creditors and the federal Pension Benefit Guaranty Corp.
Furniture Brands Wind Down Inc., the remnant of bankrupt Furniture Brands International, has reached a deal with its creditors and the federal Pension Benefit Guaranty Corp.
The settlement, which still needs court approval, has the PBGC reducing its claim against the company from $340 million to $300 million.
The company filed for Chapter 11 bankruptcy protection on Sept. 9. Most of its assets were purchased by KPS Capital Partners, which created Heritage Home Group to serve as the new parent company for Lane, Broyhill, Thomasville and other former FBI companies.
Read Entire Story Source: The Daily Journal