From Home Furnishing Business
Bankruptcy Trustee Objects to Furniture Brands Breakup Fee
Calling it an "administrative expense" unauthorized by bankruptcy code, a U.S. Bankruptcy Court trustee has objected to a $6 million break up fee that Furniture Brands wants to pay a private equity group in its Chapter 11 case.
A U.S. Bankruptcy Court trustee has filed an objection to a potential strategy for acquiring most of the assets of Furniture Brands International Inc.
Trustee Roberta DeAngelis said in her filing Wednesday she objects to the $6 million breakup fee that Furniture Brands wants to provide to a private-equity group led by Oaktree Capital Management LP.
Furniture Brands filed for Chapter 11 bankruptcy protection on Sept. 9.
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Source: Winston-Salem Journal