From Home Furnishing Business
KPS Sole Bidder for Furniture Brands International
Then, there was one. One bidder for Furniture Brands International's assets in the company's bankruptcy auction originally set for today. The auction has been cancelled because only one qualified bid was received by yesterday's deadline.
An auction of Furniture Brands International Inc.’s assets originally scheduled for today was canceled because only one qualified bid was received by Wednesday’s deadline.
The U.S. Bankruptcy Court for the District of Delaware announced late Wednesday that no other qualified bids were received other than that of stalking horse bidder KPS Capital Partners. A stalking horse typically sets the floor for a potential auction bid.
Samson Holding Ltd., the top stakeholder of Furniture Brands, said it would not bid for the company’s assets, with a change in the date of the auction playing a key factor in its decision.
On Oct. 2, U.S. Bankruptcy Judge Christopher Sontchi had approved a $280 million bid by KPS to be the stalking horse for the assets. At that time, the auction date was set for Dec. 10.
Read Entire Story Source: Winston-Salem Journal