October 3,
2013 by in Bankruptcy, Industry, Legal 
Oaktree Capital has been edged out as the lead bidder in the bankruptcy auction of Furniture Brands International's assets by KPS Capital Partners who put in a $280 million offer.
September 27,
2013 by in Bankruptcy, Industry
Lighting and furniture vendor Guildmaster has emerged from Chapter 11 bankruptcy as a private company.
September 27,
2013 by in Bankruptcy, Industry, Legal
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.
September 17,
2013 by in Bankruptcy, Industry, Legal
Furniture Brands International filed an amended list of its 30 largest unsecured creditors Monday in its Chapter 11 bankruptcy case.
September 16,
2013 by in Bankruptcy, Industry
Bankrupt Furniture Brands International has asked a federal judge in Delaware to let it pay more than $5 million in bonuses to 55 employees, including seven company insiders, if its assets are successfully sold at auction.
The manufacturer, which hasn't made a profit in six years, said the bonuses would be paid for reaching incentives that "will not be easy."...
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Source: Law360
September 16,
2013 by in Bankruptcy, Industry
Furniture Brands Canada, a subsidiary of bankrupt Furniture Brands International, has also filed for bankruptcy and laid off all its salaried employees.
Furniture Brands launched the Canadian subsidiary in 2009. Furniture Brands Canada listed liabilities of about $2.1 million and assets of about $409,000 in its bankruptcy notice. Its salaried employees are owed just more than $70,400, according to the notice.
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Source: St Louis Business Journal
September 12,
2013 by in Bankruptcy, Industry
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