From Home Furnishing Business
Furniture Brands Accelerates Auction Date
The outcome for the new owner of Furniture Brands International could come sooner than expected. The auction will now be held Nov. 21 instead of Dec. 10, which was the initial date set.
Furniture Brands International Inc. employees, creditors and pensioners could learn within two weeks who will be the new owner of the bankrupt manufacturer.
Furniture Brands said in a filing the auction for its assets has been moved to 10 a.m. Nov. 21 from the initial date of Dec. 10. Qualified bids must be submitted by 9 a.m. Nov. 20.
The company filed for Chapter 11 protection Sept. 9 with 19 companies listed as debtors, including three each connected with North Carolina-based divisions Broyhill Furniture Industries Inc., HDM Furniture Industries Inc. and Thomasville Furniture Industries Inc.
On Oct. 2, U.S. Bankruptcy Judge Christopher Sontchi approved a $280 million bid by KPS Capital Partners to be the stalking horse.
The decision to move up the auction comes a day after it was disclosed that Samson Holding Ltd. — its top stakeholder — is planning to enter the bidding.
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Source: Winston-Salem Journal