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From Home Furnishing Business

Furniture Brands Gets Approval of Financing; 2nd Bidder on the Scene

Furniture Brands International won court approval of as much as $115 million in bankruptcy financing to help fund operations as it pursues a sale of most of its assets to Oaktree Capital Management for about $166 million.

A rival bidder-KPS Capital Partners-appeared in court Wednesday saying it would be interested in buying Lane as part of the deal. An attorney for KPS said the company would stay active as the bankruptcy proceeded and could come forward with a better DIP plan.

An Oct. 2 hearing is set to determine approval of the full $140 million plan.

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Source: Bloomberg

 







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